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PPP Loan Data — The Smith Companies, LLC, Richmond, VA

SBA PPP loan data, payroll data, and salaries for The Smith Companies, LLC
VA

The Smith Companies, LLC

Entity: Sole Proprietorship

Industry: Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers

Location: Richmond, VA

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The Smith Companies, LLC is a sole proprietorship located in Richmond, Virginia that received a Coronavirus-related PPP loan from the SBA of $24,900.00 in April, 2020.

$ PPP Loan Information
Loan #6310937201

Loan Size:

$24,900

Jobs Retained:

1

Loan Approved:

2020-04-27

Loan Status:

Paid in Full or Forgiven

Lender:

Chesapeake Bank
Likely Employment Reduction3

The Smith Companies, LLC in Richmond, VA received a Paycheck Protection Loan of $24,900 through Chesapeake 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 May, 2021.

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 1 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.

The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 1. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.


PPP Calculation Note: The total PPP loan an eligible business or individual can receive is based on 2.5 times their average monthly 2019 payroll expenses, capped at $100,000 annually per employee.

Reported PPP Proceed Usage:

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

  • Payroll: $24,900

Business Information - The Smith Companies, LLC in Richmond, VA

The Smith Companies, LLC
Richmond, VA
* Full address is redacted to protect the privacy of individuals.

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age:

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Richmond City County, VA — SBA Office 0304 — Congressional District: VA-04

Similar Companies near Richmond

In the Richmond area, 10 businesses in the "Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 15 employees (compared to this company's 1) and received an average PPP loan of $184,201 (compared to this company's $24,900).

Industry PPP Comparison Statistics

Nationwide, 7,686 businesses in the "Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers" industry received a total of $1.31B 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, 1300% higher than The Smith Companies, LLC's reported 1 employees, and received an average PPP loan of $170,366, 584% higher than this company's loan of $24,900.

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.

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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.

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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Source: www.federalpay.org/paycheck-protection-program/the-smith-companies-llc-richmond-va