PPP Loan Data — Miller Property Management Group, Inc, Norfolk, VA
Miller Property Management Group, Inc is a corporation located at 1000 East City Hall Avenue in Norfolk, Virginia that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Miller Property Management Group, Inc in Norfolk, VA received a Paycheck Protection Loan of $25,000 through Towne Bank, which was approved in April, 2020.
This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in March, 2021.
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, Miller Property Management Group, Inc's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $40,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Miller Property Management Group, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Miller Property Management Group, Inc in Norfolk, VA
1000 East City Hall Avenue
Norfolk, VA 23504
Lessors of Residential Buildings and Dwellings
NAICS code 531110
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Norfolk
In the Norfolk area, 5 businesses in the "Lessors of Residential Buildings and Dwellings" industry received a PPP loan. These local businesses reported an average of 4 employees (compared to this company's 3) and received an average PPP loan of $45,888 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Cornerstone Properties Group LLC
CIG Management, LLC
J.c. Councill & Company Incorporated
Industry PPP Comparison Statistics
Nationwide, 28,867 businesses in the "Lessors of Residential Buildings and Dwellings" industry received a total of $2.03B 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 8 employees, 167% higher than Miller Property Management Group, Inc's reported 3 employees, and received an average PPP loan of $70,456, 182% higher than this company's loan of $25,000.
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Footnotes & Information
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