MILES & STOCKBRIDGE P.C.
PPP Loan approved Apr 15, 2020 through Manufacturers and Traders Trust Company
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $6,767,972.00 | 78.8% |
| Rent / Lease | $1,500,000.00 | 17.5% |
| Health Care | $320,000.00 | 3.7% |
About This Loan
MILES & STOCKBRIDGE P.C. received a PPP loan of $8,587,972 approved on Apr 15, 2020. The loan was originated by Manufacturers and Traders Trust Company.
MILES & STOCKBRIDGE P.C. is a corporation located in BALTIMORE, Maryland. At the time of the application, the business was described as "existing or more than 2 years old".
The business operates in the Legal Services industry (NAICS 541110), part of the Professional, Scientific, and Technical Services sector of the economy. The applicant reported 416 jobs as retained through this loan.
The SBA forgave $8,685,380.78 of this loan — 101.1% of the total approved amount, with forgiveness recorded on Jun 11, 2021. This means the borrower was not required to repay this portion, having satisfied the PPP's eligibility criteria for forgiveness, including maintaining payroll levels and using the funds for qualified expenses.
According to the SBA's records, the proceeds of this loan were allocated as follows: $6,767,972 to payroll, $1,500,000 to rent or lease obligations, $320,000 to health care costs. The payroll component represents 78.8% of disclosed proceeds, consistent with the program's requirement that at least 60% of loan funds be used for payroll costs to qualify for full forgiveness.
This loan is one of millions approved nationwide during the COVID-19 pandemic. To explore other recipients in Maryland, visit the Maryland page. To compare this loan with others in the same industry, see the Legal Services industry page.