PPP Loan Data — Mili Pharmaceuticals Inc, Las Vegas, NV
Mili Pharmaceuticals Inc is a corporation located at 101 Convention Center Dr Ste 115 in Las Vegas, Nevada that received a Coronavirus-related PPP loan from the SBA of $1,570,833.00 in May, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Bank of America, National Association
Mili Pharmaceuticals Inc in Las Vegas, NV received a Paycheck Protection Loan of $1.57M through Bank of America, National Association, which was approved in May, 2020.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 75. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
Understanding Payroll Estimates Based On PPP Amount
Based on the standard PPP eligibility formula, it may be possible to estimate the payroll expenses represented by a company on their PPP application (see details above). In order to qualify for the PPP loan amount received, Mili Pharmaceuticals Inc's 2019 payroll expenses are estimated to be at least $7.54M (not accounting for salary amounts > $100k).
Because the 17 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Reported PPP Proceed Usage:
On the PPP application, Mili Pharmaceuticals Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,570,833
Business Information - Mili Pharmaceuticals Inc in Las Vegas, NV
101 Convention Center Dr Ste 115
Las Vegas, NV 89109
NAICS code 621511
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Las Vegas
In the Las Vegas area, 2 businesses in the "Medical Laboratories" industry received a PPP loan. These local businesses reported an average of 24 employees (compared to this company's 17) and received an average PPP loan of $815,628 (compared to this company's $1.57M).
Similar Nearby Businesses Who Received PPP Funding:
Regenerate Ventures LLC
Las Vegas, NV
Industry PPP Comparison Statistics
Nationwide, 5,753 businesses in the "Medical Laboratories" industry received a total of $848.85M in PPP loans. This industry in total received less than 1% of the total PPP funding distributed.
PPP recipients in this industry report an average of 14 employees, 18% lower than Mili Pharmaceuticals Inc's reported 17 employees, and received an average PPP loan of $147,548, 91% lower than this company's loan of $1.57M.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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