PPP Loan Data — Principal Choice Solutions, LLC, Woodbridge, VA
Principal Choice Solutions, LLC
Entity: Limited Liability Company (LLC)
Location: Woodbridge, VATweet This • Search All PPP Data
Principal Choice Solutions, LLC is a limited liability company (LLC) located at 5272 Gunston Hall Dr in Woodbridge, Virginia that received a Coronavirus-related PPP loan from the SBA of $1,587,800.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Principal Choice Solutions, LLC in Woodbridge, VA received a Paycheck Protection Loan of $1.59M through Access Bank, which was approved in April, 2020.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.
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, Principal Choice Solutions, LLC's 2019 payroll expenses are estimated to be at least $7.62M.
Based on their reported 332 jobs retained, this equals an estimated average yearly compensation of $22,956 per employee1
Reported PPP Proceed Usage:
On the PPP application, Principal Choice Solutions, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,190,850
- Utilities: $198,475
- Rent: $198,475
Business Information - Principal Choice Solutions, LLC in Woodbridge, VA
5272 Gunston Hall Dr
Woodbridge, VA 22193
Administrative Management and General Management Consulting Services
NAICS code 541611
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Woodbridge
In the Woodbridge area, 48 businesses in the "Administrative Management and General Management Consulting Services" industry received a PPP loan. These local businesses reported an average of 20 employees (compared to this company's 332) and received an average PPP loan of $252,334 (compared to this company's $1.59M).
Similar Nearby Businesses Who Received PPP Funding:
Awen Solutions Group, LLC
People 2 People Of Dcllc
Perses Consulting, LLC
Charles E Turnelle, Jr
Industry PPP Comparison Statistics
Nationwide, 94,773 businesses in the "Administrative Management and General Management Consulting Services" industry received a total of $5.51B 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 5 employees, 98% lower than Principal Choice Solutions, LLC's reported 332 employees, and received an average PPP loan of $58,139, 96% lower than this company's loan of $1.59M.
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Footnotes & Information
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