PPP Loan Data — Patrick Mckallagat, Andover, MA
Patrick Mckallagat is a sole proprietorship located at 10 New England Business Center Dr Ste 205 in Andover, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $25,322.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Patrick Mckallagat in Andover, MA received a Paycheck Protection Loan of $25,322 through Eastern Bank, 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 May, 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, Patrick Mckallagat's 2019 payroll expenses are estimated to be at least $121,546.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $60,773 per employee1
Reported PPP Proceed Usage:
On the PPP application, Patrick Mckallagat reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,322
Business Information - Patrick Mckallagat in Andover, MA
10 New England Business Center Dr Ste 205
Andover, MA 1810
NAICS code 523930
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Andover
In the Andover area, 13 businesses in the "Investment Advice" industry received a PPP loan. These local businesses reported an average of 5 employees (compared to this company's 2) and received an average PPP loan of $74,642 (compared to this company's $25,322).
Similar Nearby Businesses Who Received PPP Funding:
Noel R. Dulac
Catherine Bearce DBA None
James R. Savarino
The Financial Advisors, LLC
Mary Beth Fahey Consulting
Industry PPP Comparison Statistics
Nationwide, 32,223 businesses in the "Investment Advice" industry received a total of $1.45B 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 4 employees, 100% higher than Patrick Mckallagat's reported 2 employees, and received an average PPP loan of $44,994, 78% higher than this company's loan of $25,322.
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Footnotes & Information
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