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PPP Loan Data — New England Inpatient Specialists, North Andover, MA

SBA PPP loan data, payroll data, and salaries for New England Inpatient Specialists
MA

New England Inpatient Specialists

Entity: Limited Liability Company (LLC)

Industry: Offices of Physicians, Mental Health Specialists

Location: North Andover, MA

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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 #9762967204

Loan Size:

$1.63M

Jobs Retained:

100

Loan Approved:

2020-04-28

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.

This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.

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 More
Understanding 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 More

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

New England Inpatient Specialists
47 High Street 101
North Andover, MA 1845

Business Industry:
Offices of Physicians, Mental Health Specialists
NAICS code 621112

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: Y

HUBZone: N

Rural / Urban: Urban

Essex County, MA — SBA Office 0101 — Congressional District: MA-06

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:

Javed Siddiqi,MD
Methuen, MA

$56,000 PPP Loan

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.

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.

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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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Source: www.federalpay.org/paycheck-protection-program/new-england-inpatient-specialists-north-andover-ma