PPP Loan Data — Resolve Salvage, Inc., Fort Lauderdale, FL
Resolve Salvage, Inc. is a corporation located at 1510 Se 17th St Ste 400a in Fort Lauderdale, Florida that received a Coronavirus-related PPP loan from the SBA of $3,000,000.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 142 people during the applicable loan loan period.
$ PPP Loan Information
Resolve Salvage, Inc. received a Paycheck Protection Loan of $3M through PARADISE BANK, which was approved in April, 2020.
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 142 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.
2019 Payroll Estimations based On PPP Amount:
Assuming all employees were paid over the $100k eligibility cap, the minimum number of employees this company must have had in 2019 to qualify for the loan range received is 144.
Based on standard PPP eligibility rules, Resolve Salvage, Inc.'s total 2019 payroll expenses were approximately $14.4M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.
Because the 142 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Business Information - Resolve Salvage, Inc. in Fort Lauderdale, FL
1510 Se 17th St Ste 400a
Fort Lauderdale, FL 33316
Recyclable Material Merchant Wholesalers (NAICS code 423930)
Business Owner Demographics
Race / Ethnicity: Unreported
Gender: MALE OWNED
Veteran Status: UnreportedCongressional District: FL-22
Industry PPP Comparison Statistics
Nationwide, 4,300 businesses in the "Recyclable Material Merchant Wholesalers" industry received a total of $657,310,017.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.
PPP recipients in this industry report an average of 14 employees, 90% lower than Resolve Salvage, Inc.'s reported 142 employees, and received an average PPP loan of $152,863, 95% lower than this company's loan of $3M.
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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