PPP Loan Data — Veritas Healthcare Group LLC, Southaven, MS
Veritas Healthcare Group LLC is a limited liability company (LLC) located at 6858 Swinnea Rd in Southaven, Mississippi that received a Coronavirus-related PPP loan from the SBA of $3,356,395.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Veritas Healthcare Group LLC in Southaven, MS received a Paycheck Protection Loan of $3.36M through Cadence 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 July, 2021.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
Understanding Payroll Estimates Based On PPP Amount
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, Veritas Healthcare Group LLC's 2019 payroll expenses are estimated to be at least $16.11M.
Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $32,221 per employee1
Reported PPP Proceed Usage:
On the PPP application, Veritas Healthcare Group LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $3,356,395
Business Information - Veritas Healthcare Group LLC in Southaven, MS
6858 Swinnea Rd
Southaven, MS 38671
Assisted Living Facilities for the Elderly
NAICS code 623312
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Urban
Businesses Using Same Address:
There are 2 other businesses that received a PPP loan registered to the same address as Veritas Healthcare Group LLC.
Eric L Sappenfield PLLC
Offices of Lawyers
Asap Pay Solutions Inc
All Other Business Support Services
Industry PPP Comparison Statistics
Nationwide, 10,158 businesses in the "Assisted Living Facilities for the Elderly" industry received a total of $1.83B 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 30 employees, 94% lower than Veritas Healthcare Group LLC's reported 500 employees, and received an average PPP loan of $180,513, 95% lower than this company's loan of $3.36M.
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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