PPP Loan Data — My Wealth Management, LLC, Vienna, VA
My Wealth Management, LLC is a limited liability company (LLC) located at 8000 Towers Crescent Drive in Vienna, Virginia that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Arlington Community FCU
My Wealth Management, LLC in Vienna, VA received a Paycheck Protection Loan of $25,000 through Arlington Community FCU, which was approved in May, 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, My Wealth Management, LLC's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $60,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, My Wealth Management, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - My Wealth Management, LLC in Vienna, VA
8000 Towers Crescent Drive
Vienna, VA 22182
NAICS code 523920
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Vienna
In the Vienna area, 6 businesses in the "Portfolio Management" industry received a PPP loan. These local businesses reported an average of 4 employees (compared to this company's 2) and received an average PPP loan of $39,635 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Avenue Wealth Management, LLC
Jonathan A Jagolinzer
Campion Asset Management
Experiential Wealth, Inc
Industry PPP Comparison Statistics
Nationwide, 6,153 businesses in the "Portfolio Management" industry received a total of $512.81M 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 6 employees, 200% higher than My Wealth Management, LLC's reported 2 employees, and received an average PPP loan of $83,343, 233% higher than this company's loan of $25,000.
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Footnotes & Information
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