PPP Loan Data — Sullivan & Worcester LLP, Boston, MA
Sullivan & Worcester LLP is a limited liability partnership located at One Post Offiice Square in Boston, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $5,809,500.00 in April, 2020.
$ PPP Loan Information
Sullivan & Worcester LLP in Boston, MA received a Paycheck Protection Loan of $5.81M through BERKSHIRE BANK, which was approved in April, 2020.
The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 172 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.
2019 Payroll Estimations based On PPP Amount:
Assuming all employees were paid over the $100k eligibility cap, the minimum number of employees this company must have had in 2019 to qualify for the loan range received is 279.
Based on standard PPP eligibility rules, Sullivan & Worcester LLP's total 2019 payroll expenses were approximately $27.89M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.
Because the 172 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Business Information - Sullivan & Worcester LLP in Boston, MA
One Post Offiice Square
Boston, MA 02109
All Other Legal Services (NAICS code 541199)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: MA-08
Similar Companies near Boston
In the Boston area, 34 businesses in the "All Other Legal Services" industry received a PPP loan. These local businesses reported an average of 7 employees (compared to this company's 172) and received an average PPP loan of $307,487 (compared to this company's $5.81M).
Similar Nearby Businesses Who Received PPP Funding:
Menard & Walsh LLC
Peter T Lyons
Maccormack Law Firm PC
Hemenway & Barnes LLP
Law Offices Of Thomas J. Moylan
Engel & Feldmann LLP
Merrill & Mcgeary
Wilson Dawson & Brett
William F Spallina, Attorney At Law Spallina Law G
Industry PPP Comparison Statistics
Nationwide, 7,395 businesses in the "All Other Legal Services" industry received a total of $496,918,317.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.
PPP recipients in this industry report an average of 4 employees, 98% lower than Sullivan & Worcester LLP's reported 172 employees, and received an average PPP loan of $67,197, 99% lower than this company's loan of $5.81M.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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