PPP Loan Data — Pharmed Pharmacy LLC, Ypsilanti, MI
Pharmed Pharmacy LLC is a limited liability company (LLC) located at 1510 Washtenaw Rd in Ypsilanti, Michigan that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in May, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:JPMorgan Chase Bank, National Association
Pharmed Pharmacy LLC in Ypsilanti, MI received a Paycheck Protection Loan of $25,000 through JPMorgan Chase Bank, National Association, which was approved in May, 2020.
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, Pharmed Pharmacy LLC's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 6 jobs retained, this equals an estimated average yearly compensation of $20,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Pharmed Pharmacy LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $20,000
- Utilities: $1,000
- Rent: $4,000
Business Information - Pharmed Pharmacy LLC in Ypsilanti, MI
1510 Washtenaw Rd
Ypsilanti, MI 48197
Pharmacies and Drug Stores
NAICS code 446110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Ypsilanti
In the Ypsilanti area, 10 businesses in the "Pharmacies and Drug Stores" industry received a PPP loan. These local businesses reported an average of 5 employees (compared to this company's 6) and received an average PPP loan of $38,751 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Care RX LLC
Arbor Lakes Pharmacy LLC
Ypsilanti Family Pharmacy LLC
Canali's Medical Pharmacy LLC
Eastern Pharmacy Inc
At Home Pharmacy, Inc
Industry PPP Comparison Statistics
Nationwide, 18,035 businesses in the "Pharmacies and Drug Stores" industry received a total of $1.7B 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 12 employees, 100% higher than Pharmed Pharmacy LLC's reported 6 employees, and received an average PPP loan of $94,214, 277% higher than this company's loan of $25,000.
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Footnotes & Information
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