PPP Loan Data — Semmes Law Firm PC, Fairhope, AL
Semmes Law Firm PC is a professional association located at 311 Magnolia Ave in Fairhope, Alabama that received a Coronavirus-related PPP loan from the SBA of $24,995.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Semmes Law Firm PC in Fairhope, AL received a Paycheck Protection Loan of $24,995 through Regions 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 May, 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, Semmes Law Firm PC's 2019 payroll expenses are estimated to be at least $119,976.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $59,988 per employee1
Reported PPP Proceed Usage:
On the PPP application, Semmes Law Firm PC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,995
Business Information - Semmes Law Firm PC in Fairhope, AL
311 Magnolia Ave
Fairhope, AL 36532
Offices of Lawyers
NAICS code 541110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Fairhope
In the Fairhope area, 47 businesses in the "Offices of Lawyers" industry received a PPP loan. These local businesses reported an average of 3 employees (compared to this company's 2) and received an average PPP loan of $28,359 (compared to this company's $24,995).
Similar Nearby Businesses Who Received PPP Funding:
Stein & Pilcher LLC
David A. Horton, Attorney At Law
Grant Management LLC
Barton Law, LLC
Underwood And Riemer PC
Stankoski Myrick LLC
The Willis Firm, PC
Grant D Amey
Harpole Law, LLC
Industry PPP Comparison Statistics
Nationwide, 200,895 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, 200% higher than Semmes Law Firm PC's reported 2 employees, and received an average PPP loan of $81,518, 226% higher than this company's loan of $24,995.
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Footnotes & Information
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