PPP Loan Data — Penn Stuart & Eskridge, Abingdon, VA
Penn Stuart & Eskridge is a corporation located at 208 E. Main St in Abingdon, Virginia that received a Coronavirus-related PPP loan from the SBA of $1,738,800.00 in April, 2020.
The company has reported itself as a female owned business, and employed at least 108 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:The Bank of Marion
Penn Stuart & Eskridge in Abingdon, VA received a Paycheck Protection Loan of $1.74M through The Bank of Marion, 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 April, 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, Penn Stuart & Eskridge's 2019 payroll expenses are estimated to be at least $8.35M.
Based on their reported 108 jobs retained, this equals an estimated average yearly compensation of $77,280 per employee1
Reported PPP Proceed Usage:
On the PPP application, Penn Stuart & Eskridge reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,644,800
- Utilities: $12,000
- Mortgage Interest: $2,000
- Rent: $80,000
Business Information - Penn Stuart & Eskridge in Abingdon, VA
208 E. Main St
Abingdon, VA 24210
Offices of Lawyers
NAICS code 541110
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Female Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Abingdon
In the Abingdon area, 33 businesses in the "Offices of Lawyers" industry received a PPP loan. These local businesses reported an average of 7 employees (compared to this company's 108) and received an average PPP loan of $85,789 (compared to this company's $1.74M).
Similar Nearby Businesses Who Received PPP Funding:
Scyphers & Austin PC
Catherine D. O'brien, ESQ. PLLC
Matthew Crum PC
Law Offices Of Michael R. Munsey P. C
Anne P. Hutton
Kimberly C Haugh PC
David B. Childers, PC
Rosenbaum Law PC
Hutton & Associates, PC
Industry PPP Comparison Statistics
Nationwide, 200,895 businesses in the "Offices of Lawyers" industry received a total of $16.38B in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 2% of the total PPP funding allocated.
PPP recipients in this industry report an average of 6 employees, 94% lower than Penn Stuart & Eskridge's reported 108 employees, and received an average PPP loan of $81,518, 95% lower than this company's loan of $1.74M.
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Footnotes & Information
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