PPP Loan Data — Panacea Ind, Homestead, FL
Entity: Subchapter S Corporation
Location: Homestead, FLTweet This • Search All PPP Data
Panacea Ind is a subchapter s corporation located at 944 North Krome Avenue in Homestead, Florida that received a Coronavirus-related PPP loan from the SBA of $47,000.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least seven people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:South State Bank, National Association
Panacea Ind in Homestead, FL received a Paycheck Protection Loan of $47,000 through South State Bank, National Association, 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 January, 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, Panacea Ind's 2019 payroll expenses are estimated to be at least $225,600.
Based on their reported 7 jobs retained, this equals an estimated average yearly compensation of $32,229 per employee1
Reported PPP Proceed Usage:
On the PPP application, Panacea Ind reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $47,000
Business Information - Panacea Ind in Homestead, FL
944 North Krome Avenue
Homestead, FL 33030
Offices of Physicians (except Mental Health Specialists)
NAICS code 621111
Business Owner Demographics
Gender: Male Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Homestead
In the Homestead area, 36 businesses in the "Offices of Physicians (except Mental Health Specialists)" industry received a PPP loan. These local businesses reported an average of 8 employees (compared to this company's 7) and received an average PPP loan of $70,852 (compared to this company's $47,000).
Similar Nearby Businesses Who Received PPP Funding:
Furnari And Lofton General General Partn
Miami Hematology & Oncology Associates LLC
Edward L Budd O D Of Optometry P A
Ramon Maldonado MD PA
Homestead Cardiac And Vein Center Inc
All Family Care Inc
Industry PPP Comparison Statistics
Nationwide, 176,926 businesses in the "Offices of Physicians (except Mental Health Specialists)" industry received a total of $21.07B in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 3% of the total PPP funding allocated.
PPP recipients in this industry report an average of 11 employees, 57% higher than Panacea Ind's reported 7 employees, and received an average PPP loan of $119,087, 153% higher than this company's loan of $47,000.
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