When viewing an ad, consider the government advertising restrictions that lawyers and law firms must comply with, as well as our legal directory disclaimer FindLaw.com. Some lawyers publish comparative information about the services they offer, which may be subject to specific comparative disclosure restrictions. Please let us know how you feel working with this law firm. Do not disclose any personal information or details about your case. All opinions submitted will be shared with the law firm prior to publication. GLS Legal Services, LLC is a limited liability company (LLC) located at Hato Rey Tower 268 Ave Munoz Rivera Ste 702 in Hato Rey, Puerto Rico, which received a $73,100.00 coronavirus-related PPP loan from the SBA in April 2020. The status of this loan is declared by the SBA as “fully paid”, which includes both repaid loans and loans fully cancelled under the PPP Directives. The status of the loan was last updated by the SBA in July 2021. For GLS Legal Services, LLC, the calculation for estimating labor costs is presented as follows: In the Hato Rey region, 446 companies in the “law firm” sector received a PPP loan. These local businesses reported an average of 5 employees (compared to 10 for this business) and received an average PPP loan of $60,499 (compared to $73,100 for this business). PPP recipients in this sector report an average of 6 employees, 40% less than the 10 employees reported by GLS Legal Services, LLC, and received an average PPP loan of $81,670, 12% more than this company`s $73,100 loan. 1.
Estimates for informational purposes only. The salary estimates assume that the borrower used the standard PPP calculation of 2.5x the 2019 average monthly labour costs to determine the creditworthiness of the PPP. The calculation methods vary depending on the type of entity. Please read the latest SBA Official PPP Calculation Rules for a full explanation of the methods for calculating the PPP loan amount. All information displayed on this site is publicly available information in accordance with the PPP Credit Guidelines pursuant to 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and will be published as provided by the SBA. FederalPay does not modify the data or claim its accuracy. Were open data tools FederalPay.org useful? Consider making a donation! Industry: Law firms NAICS code 541110 The simplest way to describe the standard PPP calculation is for businesses to qualify for a maximum PPP loan of up to 2.5 times the average monthly labour costs for 2019. However, the specific calculation methods vary depending on the type of entity and have many caveats. Please read the latest SBA Official PPP Calculation Rules for a full explanation of the methods for calculating the PPP loan amount. Nationally, 200,503 firms in the law firm sector received PPP loans totalling $16.38 billion.
These companies account for 2% of total PPP applications and received 2% of total PPP funds. 2. If the reported number of employees of a business divided by the maximum range of PPPs per SBA is greater than $100,000, the estimated maximum PPP loan that the business receives may be adjusted to assume that no more than $100,000 of annual salary per employee was used in the PPP application. While company employees can earn more, $100,000/employee is the maximum amount that can be used in PPP fee calculations. Please note that salary estimates are based on a simplified PPP eligibility formula and do not take into account factors such as salaries over $100,000 and other components of the PPP. It`s always a good idea to research your lawyer before hiring them. Each state has a disciplinary organization that oversees attorneys, their licenses, and consumer complaints. By researching legal discipline, you can: Please note: Information on payroll and compensation estimated under the PPP rules is provided for informational purposes only. In the PPP application, GLS Legal Services, LLC indicated that it intended to use the proceeds of its PPP loan for the following expenses: There may be situations where it may not be accurate to estimate the labour costs of a PPP beneficiary based on the amount of PPP loan received. This estimate assumes that the PPP recipient claimed the full amount for which it was eligible and that no other variables affected the amount of the loan received.
Paycheck protection loan data was published by the Small Business Administration (SBA) for all private companies that received a PPP loan. William M Vidal Carvajal Law Office Psc San Juan, PR Corrections or changes to this data can only be made via the SBA. For more information, see FederalPay`s PPP Data Policy. How would you rate your overall experience with this company? By submitting this form, you agree to receive email communications from FindLaw regarding the management of your notice.
