PPP Loan Data — Morningside Translations, LLC, New York, NY
Morningside Translations, LLC is a limited liability company (LLC) located at 450 Seventh Avenue Suite 1001 0.0 in New York, New York that received a Coronavirus-related PPP loan from the SBA of $1,980,410.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:JPMorgan Chase Bank, National Association
Morningside Translations, LLC in New York, NY received a Paycheck Protection Loan of $1.98M through JPMorgan Chase Bank, National Association, 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 May, 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, Morningside Translations, LLC's 2019 payroll expenses are estimated to be at least $9.51M.
Based on their reported 116 jobs retained, this equals an estimated average yearly compensation of $81,948 per employee1
Reported PPP Proceed Usage:
On the PPP application, Morningside Translations, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,696,872
- Utilities: $8,990
- Rent: $112,321
- Health Care: $162,227
Business Information - Morningside Translations, LLC in New York, NY
450 Seventh Avenue Suite 1001 0.0
New York, NY 10123
Translation and Interpretation Services
NAICS code 541930
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near New York
In the New York area, 3 businesses in the "Translation and Interpretation Services" industry received a PPP loan. These local businesses reported an average of 48 employees (compared to this company's 116) and received an average PPP loan of $829,227 (compared to this company's $1.98M).
Similar Nearby Businesses Who Received PPP Funding:
Morningside Evaluations Inc
New York, NY
CP Language Institute, Inc
New York, NY
Industry PPP Comparison Statistics
Nationwide, 7,619 businesses in the "Translation and Interpretation Services" industry received a total of $219.09M 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 3 employees, 97% lower than Morningside Translations, LLC's reported 116 employees, and received an average PPP loan of $28,756, 99% lower than this company's loan of $1.98M.
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Footnotes & Information
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