PPP Loan Data — Southern Debt Collection, Miami, FL
Southern Debt Collection is a corporation located at 1111 Brickell Avenue in Miami, Florida that received a Coronavirus-related PPP loan from the SBA of $1,957,084.00 in June, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Celtic Bank Corporation
Southern Debt Collection in Miami, FL received a Paycheck Protection Loan of $1.96M through Celtic Bank Corporation, which was approved in June, 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 August, 2020.
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, Southern Debt Collection's 2019 payroll expenses are estimated to be at least $9.39M.
Based on their reported 181 jobs retained, this equals an estimated average yearly compensation of $51,901 per employee1
Reported PPP Proceed Usage:
On the PPP application, Southern Debt Collection reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,467,813
- Utilities: $244,636
- Rent: $244,636
Business Information - Southern Debt Collection in Miami, FL
1111 Brickell Avenue
Miami, FL 33131
Office Administrative Services
NAICS code 561110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Miami
In the Miami area, 96 businesses in the "Office Administrative Services" industry received a PPP loan. These local businesses reported an average of 5 employees (compared to this company's 181) and received an average PPP loan of $55,917 (compared to this company's $1.96M).
Similar Nearby Businesses Who Received PPP Funding:
Bread Partners Holdings
Santos Gutierrez Rodriguez
Pipeline Tampa, LLC
First Hospitality Managment Group Inc
Alveo Wealth Management LLC
K & K Direct Marketing Inc
Industry PPP Comparison Statistics
Nationwide, 44,947 businesses in the "Office Administrative Services" industry received a total of $2.36B 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 6 employees, 97% lower than Southern Debt Collection's reported 181 employees, and received an average PPP loan of $52,468, 97% lower than this company's loan of $1.96M.
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Footnotes & Information
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