PPP Loan Data — Potomac Real Estate Partners, LLC, Mc Lean, VA
Potomac Real Estate Partners, LLC is a sole proprietorship located at 8255 Greensboro Dr in Mc Lean, Virginia that received a Coronavirus-related PPP loan from the SBA of $45,845.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least two people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Old Dominion National Bank
Potomac Real Estate Partners, LLC in Mc Lean, VA received a Paycheck Protection Loan of $45,845 through Old Dominion National 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 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 2 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 2. 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, Potomac Real Estate Partners, LLC's 2019 payroll expenses are estimated to be at least $220,056 (not accounting for salary amounts > $100k).
Because the 2 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, Potomac Real Estate Partners, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $45,845
Business Information - Potomac Real Estate Partners, LLC in Mc Lean, VA
8255 Greensboro Dr
Mc Lean, VA 22102
Offices of Real Estate Agents and Brokers
NAICS code 531210
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Mc Lean
In the Mc Lean area, 124 businesses in the "Offices of Real Estate Agents and Brokers" industry received a PPP loan. These local businesses reported an average of 2 employees (compared to this company's 2) and received an average PPP loan of $25,947 (compared to this company's $45,845).
Similar Nearby Businesses Who Received PPP Funding:
Jake Sullivan Real Estate Incorporated
LS Delcoco Inc
Mc Lean, VA
A Team Realty, LLC
Bernard Fred Mckeever
Mc Lean, VA
Industry PPP Comparison Statistics
Nationwide, 255,794 businesses in the "Offices of Real Estate Agents and Brokers" industry received a total of $5.75B in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 2 employees, the same amount reported by Potomac Real Estate Partners, LLC and received an average PPP loan of $22,469, 51% lower than this company's loan of $45,845.
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.
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