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PPP Loan Data — Solomonedwardsgroup LLC, Wayne, PA

SBA PPP loan data, payroll data, and salaries for Solomonedwardsgroup LLC
PA

Solomonedwardsgroup LLC

Entity: Limited Liability Company (LLC)

Industry: All Other Professional, Scientific, and Technical Services

Location: Wayne, PA

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Solomonedwardsgroup LLC is a limited liability company (LLC) located at 1255 Drummers Lane 200 in Wayne, Pennsylvania that received a Coronavirus-related PPP loan from the SBA of $3,372,000.00 in April, 2020.

The company has reported itself as a White male owned business, and employed at least 225 people during the applicable loan loan period.

$ PPP Loan Information
Loan #5691807010

Loan Size:

$3.37M

Jobs Retained:

225

Loan Approved:

2020-04-06

Loan Status:

Paid in Full or Forgiven

Lender:

Cadence Bank

Solomonedwardsgroup LLC in Wayne, PA received a Paycheck Protection Loan of $3.37M through Cadence 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 July, 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 More
Understanding 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 More

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, Solomonedwardsgroup LLC's 2019 payroll expenses are estimated to be at least $16.19M.

Based on their reported 225 jobs retained, this equals an estimated average yearly compensation of $71,936 per employee1

Reported PPP Proceed Usage:

On the PPP application, Solomonedwardsgroup LLC reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $3,372,000
Because the loan received by Solomonedwardsgroup LLC is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Solomonedwardsgroup LLC in Wayne, PA

Solomonedwardsgroup LLC
1255 Drummers Lane 200
Wayne, PA 19087

Business Industry:
All Other Professional, Scientific, and Technical Services
NAICS code 541990

Business Owner Demographics

Race: White

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Chester County, PA — SBA Office 0303 — Congressional District: PA-06

Similar Companies near Wayne

In the Wayne area, 43 businesses in the "All Other Professional, Scientific, and Technical Services" industry received a PPP loan. These local businesses reported an average of 14 employees (compared to this company's 225) and received an average PPP loan of $186,328 (compared to this company's $3.37M).

Industry PPP Comparison Statistics

Nationwide, 128,302 businesses in the "All Other Professional, Scientific, and Technical Services" industry received a total of $7.37B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 1% of the total PPP funding allocated.

PPP recipients in this industry report an average of 5 employees, 98% lower than Solomonedwardsgroup LLC's reported 225 employees, and received an average PPP loan of $57,481, 98% lower than this company's loan of $3.37M.

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.

Search FederalPay's Full PPP Loan Database

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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Source: www.federalpay.org/paycheck-protection-program/solomonedwardsgroup-llc-wayne-pa