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PPP Loan Data — Motley Rice, LLC,
Mount Pleasant, SC
Motley Rice, LLC
Entity: Limited Liability Company (LLC)
Industry: Offices of Lawyers
Location: Mount Pleasant, SC
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Motley Rice, LLC is a limited liability company (LLC) located at 28 Bridgeside Blvd in Mount Pleasant, South Carolina that received a Coronavirus-related PPP loan from the SBA of $7,034,400.00 in April, 2020.
$
PPP Loan Information
Loan #5368877205
Loan Size:
Jobs Retained:
379Loan Approved:
2020-04-27Loan Status:
Paid in Full or ForgivenLender:
The Bank of South CarolinaMotley Rice, LLC in Mount Pleasant, SC received a Paycheck Protection Loan of $7.03M through The Bank of South Carolina, 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 July, 2021.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.
Read MoreUnderstanding Payroll Estimates Based On PPP Amount
Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.
Read MoreBased 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, Motley Rice, LLC's 2019 payroll expenses are estimated to be at least $33.77M.
Based on their reported 379 jobs retained, this equals an estimated average yearly compensation of $89,090 per employee1
Reported PPP Proceed Usage:
On the PPP application, Motley Rice, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $7,034,400
Business Information - Motley Rice, LLC in Mount Pleasant, SC
28 Bridgeside Blvd
Mount Pleasant, SC 29464
Business Industry:
Offices of Lawyers
NAICS code 541110
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Businesses Using Same Address:
There are 3 other businesses that received a PPP loan registered to the same address as Motley Rice, LLC.
Roy Neal DBA Rdn Prop Mgmt, LLC
Other Activities Related to Real Estate
Avon II LLC
Hotels (except Casino Hotels) and Motels
Charlestowne Hotel Management II LLC
Administrative Management and General Management Consulting Services
Similar Companies near Mount Pleasant
In the Mount Pleasant area, 177 businesses in the "Offices of Lawyers" industry received a PPP loan. These local businesses reported an average of 7 employees (compared to this company's 379) and received an average PPP loan of $105,718 (compared to this company's $7.03M).
Similar Nearby Businesses Who Received PPP Funding:
Hartlaw, LLC
Mount Pleasant, SC
The Donaldson Law Firm LLC
Mount Pleasant, SC
Mcgee Law Firm LLC
Charleston, SC
Washburn Law Firm, LLC
Mount Pleasant, SC
Edward Fenno DBA Edward Fenno
Mount Pleasant, SC
Futeral & Nelson LLC
Mount Pleasant, SC
Barrow Law Firm, LLC
Mt Pleasant, SC
Halversen & Halversen LLC
Mount Pleasant, SC
Michel Law Firm LLC
Mount Pleasant, SC
Industry PPP Comparison Statistics
Nationwide, 200,499 businesses in the "Offices of Lawyers" industry received a total of $16.37B in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 2% of the total PPP funding allocated.
PPP recipients in this industry report an average of 6 employees, 98% lower than Motley Rice, LLC's reported 379 employees, and received an average PPP loan of $81,664, 99% lower than this company's loan of $7.03M.
FederalPay's PPP Information Policy
Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.
All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.
Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.
Footnotes & Information
1. Estimations for informational purposes only. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.
2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.
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