PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — The Summit Series LLC, New York, NY

ALERT: There are 2 PPP loans for a total of $1.87M in our database for businesses with the name "The Summit Series LLC" in New York, NY. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for The Summit Series LLC
NY

The Summit Series LLC

Entity: Limited Liability Company (LLC)

Industry: Promoters of Performing Arts, Sports, and Similar Events with Facilities

Location: New York, NY

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The Summit Series LLC is a limited liability company (LLC) located at 33 Irving Pl Fl 8 in New York, New York that received a Coronavirus-related PPP loan from the SBA of $855,712.00 in March, 2021.

$ PPP Loan Information
Loan #9987018601

Loan Size:

$855,712

Jobs Retained:

154

Loan Approved:

2021-03-26

Loan Status:

Active Un-Disbursed

Lender:

JPMorgan Chase Bank, National Association
PPP Funds Undisbursed

The Summit Series LLC in New York, NY received a Paycheck Protection Loan of $855,712 through JPMorgan Chase Bank, National Association, which was approved in March, 2021.

While this loan has been approved by the Small Business Administration, the lender has not reported to the SBA that the loan funds were disbursed to the borrower. According to SBA records, a total of $855,712 in approved PPP funding has not been disbursed. The loan's status was last updated by the SBA in March, 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 More
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.

Read More

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, The Summit Series LLC's 2019 payroll expenses are estimated to be at least $4.11M.

Based on their reported 154 jobs retained, this equals an estimated average yearly compensation of $26,672 per employee1

Reported PPP Proceed Usage:

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

  • Payroll: $855,712

Business Information - The Summit Series LLC in New York, NY

The Summit Series LLC
33 Irving Pl Fl 8
New York, NY 10003

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

New York County, NY — SBA Office 0202 — Congressional District: NY-12

Similar Companies near New York

In the New York area, 31 businesses in the "Promoters of Performing Arts, Sports, and Similar Events with Facilities" industry received a PPP loan. These local businesses reported an average of 10 employees (compared to this company's 154) and received an average PPP loan of $72,072 (compared to this company's $855,712).

Industry PPP Comparison Statistics

Nationwide, 9,482 businesses in the "Promoters of Performing Arts, Sports, and Similar Events with Facilities" industry received a total of $642.58M 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 10 employees, 94% lower than The Summit Series LLC's reported 154 employees, and received an average PPP loan of $67,768, 92% lower than this company's loan of $855,712.

SBA PPP loan data, payroll data, and salaries for The Summit Series, LLC
NY

The Summit Series, LLC

Entity: Limited Liability Company (LLC)

Industry: All Other Professional, Scientific, and Technical Services

Location: New York, NY

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The Summit Series, LLC is a limited liability company (LLC) located at 33 Irving Place, 8th Floor 0.0 in New York, New York that received a Coronavirus-related PPP loan from the SBA of $1,017,475.00 in April, 2020.

$ PPP Loan Information
Loan #8984587002

Loan Size:

$1.02M

Jobs Retained:

158

Loan Approved:

2020-04-09

Loan Status:

Ongoing Loan

Lender:

JPMorgan Chase Bank, National Association

The Summit Series, LLC in New York, NY received a Paycheck Protection Loan of $1.02M through JPMorgan Chase Bank, National Association, which was approved in April, 2020.

This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.

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 More
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.

Read More

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, The Summit Series, LLC's 2019 payroll expenses are estimated to be at least $4.88M.

Based on their reported 158 jobs retained, this equals an estimated average yearly compensation of $30,911 per employee1

Reported PPP Proceed Usage:

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

  • Payroll: $1,017,475

Business Information - The Summit Series, LLC in New York, NY

The Summit Series, LLC
33 Irving Place, 8th Floor 0.0
New York, NY 10003

Business Industry:
All Other Professional, Scientific, and Technical Services
NAICS code 541990

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

New York County, NY — SBA Office 0202 — Congressional District: NY-12

Similar Companies near New York

In the New York area, 185 businesses in the "All Other Professional, Scientific, and Technical Services" industry received a PPP loan. These local businesses reported an average of 12 employees (compared to this company's 158) and received an average PPP loan of $134,828 (compared to this company's $1.02M).

Industry PPP Comparison Statistics

Nationwide, 110,498 businesses in the "All Other Professional, Scientific, and Technical Services" industry received a total of $7B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 1% of the total PPP funding allocated.

PPP recipients in this industry report an average of 6 employees, 96% lower than The Summit Series, LLC's reported 158 employees, and received an average PPP loan of $63,335, 94% lower than this company's loan of $1.02M.

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.


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Source: www.federalpay.org/paycheck-protection-program/the-summit-series-llc-new-york-ny