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PPP Loan Data — Ruttermills LLP,
Norfolk, VA
Ruttermills LLP
Entity: Limited Liability Partnership
Industry: Offices of Lawyers
Location: Norfolk, VA
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Ruttermills LLP is a limited liability partnership located at 160 W Brambleton Ave in Norfolk, Virginia that received a Coronavirus-related PPP loan from the SBA of $1,020,616.00 in February, 2021.
The company has reported itself as a male owned business, and employed at least 80 people during the applicable loan loan period.
$
PPP Loan Information
Loan #6596508409
Loan Size:
Jobs Retained:
80Loan Approved:
2021-02-10Loan Status:
Ongoing LoanLender:
Southern Bank and Trust CompanyRuttermills LLP in Norfolk, VA received a Paycheck Protection Loan of $1.02M through Southern Bank and Trust Company, which was approved in February, 2021.
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
The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.
Read MoreUnderstanding Payroll Estimates Based On PPP Amount
Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.
Read MoreBased 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, Ruttermills LLP's 2019 payroll expenses are estimated to be at least $4.9M.
Based on their reported 80 jobs retained, this equals an estimated average yearly compensation of $61,237 per employee1
Reported PPP Proceed Usage:
On the PPP application, Ruttermills LLP reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,020,610
- Utilities: $1
Business Information - Ruttermills LLP in Norfolk, VA
160 W Brambleton Ave
Norfolk, VA 23510
Business Industry:
Offices of Lawyers
NAICS code 541110
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Male Owned
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near Norfolk
In the Norfolk area, 88 businesses in the "Offices of Lawyers" industry received a PPP loan. These local businesses reported an average of 15 employees (compared to this company's 80) and received an average PPP loan of $209,378 (compared to this company's $1.02M).
Similar Nearby Businesses Who Received PPP Funding:
The Law Office Of Emily Mapp Brannon
Norfolk, VA
Rice & Gregg, Inc
Norfolk, VA
Kaufman & Canoles, PC
Norfolk, VA
Liberatore Deboer PC
Norfolk, VA
Swartz Taliaferro Swartz & Goodove PC
Norfolk, VA
The Law Firm Of Waldo & Lyle, A Professional Corporation
Norfolk, VA
Sacks & Sacks PC
Norfolk, VA
Eastern Virginia Law Group PLLC
Norfolk, VA
Montagna Klein Camden LLP
Norfolk, VA
Industry PPP Comparison Statistics
Nationwide, 200,507 businesses in the "Offices of Lawyers" industry received a total of $16.38B in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 2% of the total PPP funding allocated.
PPP recipients in this industry report an average of 6 employees, 93% lower than Ruttermills LLP's reported 80 employees, and received an average PPP loan of $81,669, 92% lower than this company's loan of $1.02M.
Ruttermills, LLP
Entity: Limited Liability Partnership
Industry: Offices of Lawyers
Location: Norfolk, VA
Tweet This
•
Search All PPP Data
Ruttermills, LLP is a limited liability partnership located at 160 W Brambleton Ave in Norfolk, Virginia that received a Coronavirus-related PPP loan from the SBA of $1,020,616.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 78 people during the applicable loan loan period.
$
PPP Loan Information
Loan #7005807010
Loan Size:
Jobs Retained:
78Loan Approved:
2020-04-07Loan Status:
Paid in Full or ForgivenLender:
Southern Bank and Trust CompanyRuttermills, LLP in Norfolk, VA received a Paycheck Protection Loan of $1.02M through Southern Bank and Trust Company, 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 March, 2021.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.
Read MoreUnderstanding Payroll Estimates Based On PPP Amount
Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.
Read MoreBased 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, Ruttermills, LLP's 2019 payroll expenses are estimated to be at least $4.9M.
Based on their reported 78 jobs retained, this equals an estimated average yearly compensation of $62,807 per employee1
Reported PPP Proceed Usage:
On the PPP application, Ruttermills, LLP reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,020,616
Business Information - Ruttermills, LLP in Norfolk, VA
160 W Brambleton Ave
Norfolk, VA 23510
Business Industry:
Offices of Lawyers
NAICS code 541110
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Male Owned
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near Norfolk
In the Norfolk area, 88 businesses in the "Offices of Lawyers" industry received a PPP loan. These local businesses reported an average of 15 employees (compared to this company's 78) and received an average PPP loan of $209,378 (compared to this company's $1.02M).
Similar Nearby Businesses Who Received PPP Funding:
The Law Office Of Emily Mapp Brannon
Norfolk, VA
Rice & Gregg, Inc
Norfolk, VA
Kaufman & Canoles, PC
Norfolk, VA
Liberatore Deboer PC
Norfolk, VA
Swartz Taliaferro Swartz & Goodove PC
Norfolk, VA
The Law Firm Of Waldo & Lyle, A Professional Corporation
Norfolk, VA
Sacks & Sacks PC
Norfolk, VA
Eastern Virginia Law Group PLLC
Norfolk, VA
Montagna Klein Camden LLP
Norfolk, VA
Industry PPP Comparison Statistics
Nationwide, 200,507 businesses in the "Offices of Lawyers" industry received a total of $16.38B in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 2% of the total PPP funding allocated.
PPP recipients in this industry report an average of 6 employees, 92% lower than Ruttermills, LLP's reported 78 employees, and received an average PPP loan of $81,669, 92% lower than this company's loan of $1.02M.
FederalPay's PPP Information Policy
Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.
All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.
Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.
Footnotes & Information
1. Estimations for informational purposes only. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.
2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.
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