PPP Loan Data — Sprout Mortgage, LLC, East Meadow, NY

Sprout Mortgage, LLC

Entity: Limited Liability Company (LLC)

Industry: Mortgage and Nonmortgage Loan Brokers

Location: East Meadow, NY

Sprout Mortgage, LLC is a limited liability company (LLC) located at 90 Merrick Avenue 5th Fl in East Meadow, New York that received a Coronavirus-related PPP loan from the SBA of $6,175,200.00 in April, 2020.

$ PPP Loan Information
Loan #9225537100

Loan Size:

$6.18M

Jobs Retained:

387

Loan Approved:

2020-04-15

Loan Status:

Paid in Full or Forgiven

Lender:

Dime Community Bank

Sprout Mortgage, LLC in East Meadow, NY received a Paycheck Protection Loan of $6.18M through Dime Community 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 March, 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.

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.

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, Sprout Mortgage, LLC's 2019 payroll expenses are estimated to be at least $29.64M.

Based on their reported 387 jobs retained, this equals an estimated average yearly compensation of $76,592 per employee¹

Reported PPP Proceed Usage:

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

Payroll: $4,940,200
Rent: $1,235,000

Because the loan received by Sprout Mortgage, 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 - Sprout Mortgage, LLC in East Meadow, NY

Sprout Mortgage, LLC
90 Merrick Avenue 5th Fl
East Meadow, NY 11554

Business Industry:
Mortgage and Nonmortgage Loan Brokers
NAICS code 522310

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: New Business or 2 years or less

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Nassau County, NY — SBA Office 0235 — Congressional District: NY-04

Similar Companies near East Meadow

In the East Meadow area, 2 businesses in the "Mortgage and Nonmortgage Loan Brokers" industry received a PPP loan. These local businesses reported an average of 248 employees (compared to this company's 387) and received an average PPP loan of $3,374,000 (compared to this company's $6.18M).

Similar Nearby Businesses Who Received PPP Funding:

Recovco Mortgage Management, LLC
East Meadow, NY

$572,800 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 6,637 businesses in the "Mortgage and Nonmortgage Loan Brokers" industry received a total of $676.18M 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 8 employees, 98% lower than Sprout Mortgage, LLC's reported 387 employees, and received an average PPP loan of $101,881, 98% lower than this company's loan of $6.18M.

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.

Have FederalPay.org's open data tools been valuable? Consider donating!