PPP Loan Data — Palm Facility Services LLC, Kensington, MD
Palm Facility Services LLC is a limited liability company (LLC) located at 10401 Connecticut Ave in Kensington, Maryland that received a Coronavirus-related PPP loan from the SBA of $1,632,100.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Truist Bank d/b/a Branch Banking & Trust Co
Palm Facility Services LLC in Kensington, MD received a Paycheck Protection Loan of $1.63M through Truist Bank d/b/a Branch Banking & Trust Co, 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 June, 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, Palm Facility Services LLC's 2019 payroll expenses are estimated to be at least $7.83M.
Based on their reported 365 jobs retained, this equals an estimated average yearly compensation of $21,463 per employee1
Reported PPP Proceed Usage:
On the PPP application, Palm Facility Services LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,632,100
Business Information - Palm Facility Services LLC in Kensington, MD
10401 Connecticut Ave
Kensington, MD 20895
NAICS code 561720
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Kensington
In the Kensington area, 10 businesses in the "Janitorial Services" industry received a PPP loan. These local businesses reported an average of 81 employees (compared to this company's 365) and received an average PPP loan of $361,497 (compared to this company's $1.63M).
Similar Nearby Businesses Who Received PPP Funding:
S. Dem. S. Inc
Mannings Services LLC
Austin Residential Services Inc
Sentral Services, LLC
Charmes Cleaning Services, Inc
Industry PPP Comparison Statistics
Nationwide, 146,067 businesses in the "Janitorial Services" industry received a total of $4.43B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 5 employees, 99% lower than Palm Facility Services LLC's reported 365 employees, and received an average PPP loan of $30,311, 98% lower than this company's loan of $1.63M.
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Footnotes & Information
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