FL

Palms South Beach Inc. The

Entity: Corporation

Industry: Hotels (except Casino Hotels) and Motels

Location: Miami, FL

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Palms South Beach Inc. The is a corporation located at 3025 Collins Ave in Miami, Florida that received a Coronavirus-related PPP loan from the SBA of $1,999,000.00 in March, 2021.

$ PPP Loan Information Loan #6757808603

Palms South Beach Inc. The in Miami, FL received a Paycheck Protection Loan of $2M through Bank of America, National Association, which was approved in March, 2021.

While this loan has been approved by the Small Business Administration, the lender has not reported to the SBA that the loan funds were disbursed to the borrower. According to SBA records, a total of $2M in approved PPP funding has not been disbursed. The loan's status was last updated by the SBA in March, 2021.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

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, Palms South Beach Inc. The's 2019 payroll expenses are estimated to be at least $9.6M.

Based on their reported 257 jobs retained, this equals an estimated average yearly compensation of $37,335 per employee¹

Reported PPP Proceed Usage:

On the PPP application, Palms South Beach Inc. The reported intending to use the proceeds of their PPP loan for the following expenses:

• Payroll: $1,998,998
• Utilities: $1

Business Information - Palms South Beach Inc. The in Miami, FL

Similar Companies near Miami

In the Miami area, 60 businesses in the "Hotels (except Casino Hotels) and Motels" industry received a PPP loan. These local businesses reported an average of 65 employees (compared to this company's 257) and received an average PPP loan of $444,760 (compared to this company's $2M).

Industry PPP Comparison Statistics

Nationwide, 76,920 businesses in the "Hotels (except Casino Hotels) and Motels" industry received a total of $13,340,025,513.00 in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 2% of the total PPP funding allocated.

PPP recipients in this industry report an average of 24 employees, 91% lower than Palms South Beach Inc. The's reported 257 employees, and received an average PPP loan of $173,427, 91% lower than this company's loan of $2M.