PPP Loan Data — New England Inpatient Specialists, North Andover, MA
New England Inpatient Specialists is a limited liability company (LLC) located at 47 High Street 101 in North Andover, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $1,626,000.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Citizens Bank, National Association
New England Inpatient Specialists in North Andover, MA received a Paycheck Protection Loan of $1.63M through Citizens Bank, National Association, which was approved in April, 2020.
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, New England Inpatient Specialists' 2019 payroll expenses are estimated to be at least $7.8M.
Based on their reported 100 jobs retained, this equals an estimated average yearly compensation of $78,048 per employee1
Reported PPP Proceed Usage:
On the PPP application, New England Inpatient Specialists reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,626,000
Business Information - New England Inpatient Specialists in North Andover, MA
47 High Street 101
North Andover, MA 1845
Offices of Physicians, Mental Health Specialists
NAICS code 621112
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near North Andover
In the North Andover area, 2 businesses in the "Offices of Physicians, Mental Health Specialists" industry received a PPP loan. These local businesses reported an average of 52 employees (compared to this company's 100) and received an average PPP loan of $841,000 (compared to this company's $1.63M).
Similar Nearby Businesses Who Received PPP Funding:
Industry PPP Comparison Statistics
Nationwide, 21,049 businesses in the "Offices of Physicians, Mental Health Specialists" industry received a total of $1.68B 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, 92% lower than New England Inpatient Specialists' reported 100 employees, and received an average PPP loan of $80,024, 95% lower than this company's loan of $1.63M.
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Footnotes & Information
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