PPP Loan Data — Pro Sound Inc, North Miami, FL
Pro Sound Inc
Location: North Miami, FLTweet This • Search All PPP Data
Pro Sound Inc is a cooperative located at 1375 Ne 123 Street in North Miami, Florida that received a Coronavirus-related PPP loan from the SBA of $1,790,600.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:City National Bank of Florida
Pro Sound Inc in North Miami, FL received a Paycheck Protection Loan of $1.79M through City National Bank of Florida, 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 June, 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, Pro Sound Inc's 2019 payroll expenses are estimated to be at least $8.59M.
Based on their reported 128 jobs retained, this equals an estimated average yearly compensation of $67,148 per employee1
Reported PPP Proceed Usage:
On the PPP application, Pro Sound Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,342,950
- Utilities: $447,650
Business Information - Pro Sound Inc in North Miami, FL
1375 Ne 123 Street
North Miami, FL 33161
Electrical Contractors and Other Wiring Installation Contractors
NAICS code 238210
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near North Miami
In the North Miami area, 35 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 8 employees (compared to this company's 128) and received an average PPP loan of $110,678 (compared to this company's $1.79M).
Similar Nearby Businesses Who Received PPP Funding:
Benchmark Electric LLC
North Miami Beach, FL
Southern Tropical Electric Inc
Sunny Isles Beach, FL
Pirre Emile Dolce
North Miami Beach, FL
Sattech Communications LLC
North Miami, FL
Pro Sound CA Inc
Midway Electrical Supplies Inc
Industry PPP Comparison Statistics
Nationwide, 82,626 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a total of $11.77B 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 11 employees, 91% lower than Pro Sound Inc's reported 128 employees, and received an average PPP loan of $142,494, 92% lower than this company's loan of $1.79M.
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Footnotes & Information
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