PPP Loan Data — Physician's Imaging, Psc, Flatwoods, KY
Physician's Imaging, Psc is a limited liability partnership located at 3010 Fawn Lane in Flatwoods, Kentucky that received a Coronavirus-related PPP loan from the SBA of $24,895.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least one person during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:City National Bank of West Virginia
Physician's Imaging, Psc in Flatwoods, KY received a Paycheck Protection Loan of $24,895 through City National Bank of West Virginia, 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 February, 2021.The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 1 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 1. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
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, Physician's Imaging, Psc's 2019 payroll expenses are estimated to be at least $119,496 (not accounting for salary amounts > $100k).
Because the 1 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Reported PPP Proceed Usage:
On the PPP application, Physician's Imaging, Psc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,895
Business Information - Physician's Imaging, Psc in Flatwoods, KY
3010 Fawn Lane
Flatwoods, KY 41139
Diagnostic Imaging Centers
NAICS code 621512
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Industry PPP Comparison Statistics
Nationwide, 3,228 businesses in the "Diagnostic Imaging Centers" industry received a total of $543.6M 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 14 employees, 1300% higher than Physician's Imaging, Psc's reported 1 employees, and received an average PPP loan of $168,402, 576% higher than this company's loan of $24,895.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
Have FederalPay.org's open data tools been valuable? Consider donating!