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PPP Loan Data — Palms South Beach Inc, The,
Miami, 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 $2,434,052.00 in May, 2020.
$ PPP Loan Information
Loan Size:
Jobs Retained:
280Loan Approved:
2020-05-01Lender:
BANK OF AMERICA, NATIONAL ASSOCIATIONPalms South Beach Inc, The received a Paycheck Protection Loan of $2.43M through BANK OF AMERICA, NATIONAL ASSOCIATION, which was approved in May, 2020.
Based on standard PPP eligibility rules, Palms South Beach Inc, The's total 2019 payroll expenses were approximately $11.68M in order to qualify for the PPP loan amount received.
Based on their reported 280 jobs retained, this equals an estimated average yearly compensation of $41,727 per employee1.
Business Information - Palms South Beach Inc, The in Miami, FL
3025 Collins Ave
Miami, FL 33140
Business Industry
Hotels (except Casino Hotels) and Motels (NAICS code 721110)
Business Owner Demographics
Race / Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Congressional District: FL-27Similar Companies near Miami
In the Miami area, 34 businesses in the "Hotels (except Casino Hotels) and Motels" industry received a PPP loan. These local businesses reported an average of 70 employees (compared to this company's 280) and received an average PPP loan of $475,119 (compared to this company's $2.43M).
Similar Nearby Businesses Who Received PPP Funding:
FRU Management LLC
Miami Beach, FL
Mimosa Property Management LLC
Miami Beach, FL
Sokolov, LTD
Miami Beach, FL
Beach House Hotel, LLC
Miami Beach, FL
Beach Paradise Holding, LLC
Miami Beach, FL
Venezia Hotel, LLC
Miami Beach, FL
3720 Croydon LLC
Miami Beach, FL
3010 Collins, LLC
Miami Beach, FL
Industry PPP Comparison Statistics
Nationwide, 41,528 businesses in the "Hotels (except Casino Hotels) and Motels" industry received a total of $6,692,184,447.00 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 21 employees, 93% lower than Palms South Beach Inc, The's reported 280 employees, and received an average PPP loan of $161,149, 93% lower than this company's loan of $2.43M.
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.
Footnotes & Information
1. 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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