PPP Loan Data — Phyle Pharms, LLC, Holly, MI
Phyle Pharms, LLC is a corporation located at 4150 Grange Hall Rd in Holly, Michigan that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Phyle Pharms, LLC in Holly, MI received a Paycheck Protection Loan of $25,000 through Comerica Bank, which was approved in May, 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, Phyle Pharms, LLC's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $60,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Phyle Pharms, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Phyle Pharms, LLC in Holly, MI
4150 Grange Hall Rd
Holly, MI 48442
Nursery and Tree Production
NAICS code 111421
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: Y
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 4,979 businesses in the "Nursery and Tree Production" industry received a total of $531.73M 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 15 employees, 650% higher than Phyle Pharms, LLC's reported 2 employees, and received an average PPP loan of $106,795, 327% higher than this company's loan of $25,000.
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Footnotes & Information
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