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PPP Loan Data — Spanish Broadcasting System Inc,
Miami, FL
Spanish Broadcasting System Inc
Entity: Corporation
Industry: Radio Networks
Location: Miami, FL
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Spanish Broadcasting System Inc is a corporation located at 7007 Nw 77th Ave in Miami, Florida that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in May, 2021.
The company has reported itself as a male owned business, and employed at least 300 people during the applicable loan loan period.
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PPP Loan Information
Loan #3621449007
Loan Size:
Jobs Retained:
300Loan Approved:
2021-05-19Loan Status:
Paid in Full or ForgivenLender:
Banesco USASpanish Broadcasting System Inc in Miami, FL received a Paycheck Protection Loan of $2M through Banesco USA, which was approved in May, 2021.
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 January, 2022.
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, Spanish Broadcasting System Inc's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 300 jobs retained, this equals an estimated average yearly compensation of $32,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Spanish Broadcasting System Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,000,000
Business Information - Spanish Broadcasting System Inc in Miami, FL
7007 Nw 77th Ave
Miami, FL 33166
Business Industry:
Radio Networks
NAICS code 515111
Business Owner Demographics
Race: Unreported
Ethnicity: Hispanic or Latino
Gender: Male Owned
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: Y
Rural / Urban: Urban
Similar Companies near Miami
In the Miami area, 3 businesses in the "Radio Networks" industry received a PPP loan. These local businesses reported an average of 101 employees (compared to this company's 300) and received an average PPP loan of $671,601 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Whisper Trading & Services LLC
Miami Springs, FL
Industry PPP Comparison Statistics
Nationwide, 875 businesses in the "Radio Networks" industry received a total of $119M 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 14 employees, 95% lower than Spanish Broadcasting System Inc's reported 300 employees, and received an average PPP loan of $135,995, 93% lower than this company's loan of $2M.
Spanish Broadcasting System, Inc
Entity: Corporation
Industry: Offices of Other Holding Companies
Location: Miami, FL
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Spanish Broadcasting System, Inc is a corporation located at 7007 Nw 77th Ave in Miami, Florida that received a Coronavirus-related PPP loan from the SBA of $6,478,800.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 442 people during the applicable loan loan period.
$
PPP Loan Information
Loan #5848527008
Loan Size:
Jobs Retained:
442Loan Approved:
2020-04-06Loan Status:
Paid in Full or ForgivenLender:
City National Bank of FloridaSpanish Broadcasting System, Inc in Miami, FL received a Paycheck Protection Loan of $6.48M through City National Bank of Florida, 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 June, 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, Spanish Broadcasting System, Inc's 2019 payroll expenses are estimated to be at least $31.1M.
Based on their reported 442 jobs retained, this equals an estimated average yearly compensation of $70,358 per employee1
Reported PPP Proceed Usage:
On the PPP application, Spanish Broadcasting System, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $4,859,100
- Utilities: $1,619,700
Business Information - Spanish Broadcasting System, Inc in Miami, FL
7007 Nw 77th Ave
Miami, FL 33166
Business Industry:
Offices of Other Holding Companies
NAICS code 551112
Business Owner Demographics
Race: Unreported
Ethnicity: Hispanic or Latino
Gender: Male Owned
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: Y
HUBZone: Y
Rural / Urban: Urban
Similar Companies near Miami
In the Miami area, 18 businesses in the "Offices of Other Holding Companies" industry received a PPP loan. These local businesses reported an average of 31 employees (compared to this company's 442) and received an average PPP loan of $422,619 (compared to this company's $6.48M).
Similar Nearby Businesses Who Received PPP Funding:
VLF Holdings, LLC
Virginia Gardens, FL
Pfeffer & Marin Holdings, LLC
Miami Springs, FL
SM Market Holdings LLC
Medley, FL
SM University Holdings, LLC
Medley, FL
Mirtha Rodriguez
Miami Springs, FL
Cybertek Solutions LLC
Miami, FL
R.u. Management Inc
Miami, FL
Liff Tanis Towing
Miami, FL
Industry PPP Comparison Statistics
Nationwide, 12,397 businesses in the "Offices of Other Holding Companies" industry received a total of $1.55B 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 13 employees, 97% lower than Spanish Broadcasting System, Inc's reported 442 employees, and received an average PPP loan of $125,380, 98% lower than this company's loan of $6.48M.
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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