PPP Loan Data — Virginia Cardiovascular Specialists, Richmond, VA
Virginia Cardiovascular Specialists
Entity: Subchapter S Corporation
Location: Richmond, VATweet This • Search All PPP Data
Virginia Cardiovascular Specialists is a subchapter s corporation located at 8001 Franklin Farms Drive, Suite 130 in Richmond, Virginia that received a Coronavirus-related PPP loan from the SBA of $2,510,877.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Atlantic Union Bank
Virginia Cardiovascular Specialists in Richmond, VA received a Paycheck Protection Loan of $2.51M through Atlantic Union 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.
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, Virginia Cardiovascular Specialists' 2019 payroll expenses are estimated to be at least $12.05M.
Based on their reported 190 jobs retained, this equals an estimated average yearly compensation of $63,433 per employee1
Reported PPP Proceed Usage:
On the PPP application, Virginia Cardiovascular Specialists reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,510,877
Business Information - Virginia Cardiovascular Specialists in Richmond, VA
8001 Franklin Farms Drive, Suite 130
Richmond, VA 23229
Offices of Physicians (except Mental Health Specialists)
NAICS code 621111
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Richmond
In the Richmond area, 36 businesses in the "Offices of Physicians (except Mental Health Specialists)" industry received a PPP loan. These local businesses reported an average of 20 employees (compared to this company's 190) and received an average PPP loan of $244,547 (compared to this company's $2.51M).
Similar Nearby Businesses Who Received PPP Funding:
Virginia Psychiatry Group
West End Obstetrics & Gynecology, PC
Joseph E. Mckeown MD. PC
Lawrence G Miller III MD PC
Doctors Rose And Turner PC
Joseph E. Mckeown, M. D., PC
Henrico Pediatrics PC
Industry PPP Comparison Statistics
Nationwide, 176,926 businesses in the "Offices of Physicians (except Mental Health Specialists)" industry received a total of $21.07B in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 3% of the total PPP funding allocated.
PPP recipients in this industry report an average of 11 employees, 94% lower than Virginia Cardiovascular Specialists' reported 190 employees, and received an average PPP loan of $119,087, 95% lower than this company's loan of $2.51M.
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Footnotes & Information
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