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PPP Loan Data — Abacus Service Corporation, Southfield, MI

ALERT: There are 2 PPP loans for a total of $4.96M in our database for businesses with the name "Abacus Service Corporation" in Southfield, MI. 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 Abacus Service Corporation
MI

Abacus Service Corporation

Entity: Corporation

Industry: Employment Placement Agencies

Location: Southfield, MI

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Abacus Service Corporation is a corporation located at 25925 Telegraph Rd in Southfield, Michigan that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in January, 2021.

The company has reported itself as a female owned business, and employed at least 220 people during the applicable loan loan period.

$ PPP Loan Information Loan #6883428303

Loan Size:

$2M

Jobs Retained:

220

Loan Approved:

2021-01-27

Loan Status:

Ongoing Loan

Lender:

Citizens Bank, National Association

Abacus Service Corporation in Southfield, MI received a Paycheck Protection Loan of $2M through Citizens Bank, National Association, which was approved in January, 2021.

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, Abacus Service Corporation's 2019 payroll expenses are estimated to be at least $9.6M.

Based on their reported 220 jobs retained, this equals an estimated average yearly compensation of $43,636 per employee1

Reported PPP Proceed Usage:

On the PPP application, Abacus Service Corporation reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,999,997
  • Utilities: $1
Because the loan received by Abacus Service Corporation is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Abacus Service Corporation in Southfield, MI

Abacus Service Corporation
25925 Telegraph Rd
Southfield, MI 48033

Business Industry:
Employment Placement Agencies
NAICS code 561311

Business Owner Demographics

Race: Unreported

Ethnicity: Not Hispanic or Latino

Gender: Female Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: N

Rural / Urban: Urban

Oakland County, MI — SBA Office 0515 — Congressional District: MI-14

Similar Companies near Southfield

In the Southfield area, 11 businesses in the "Employment Placement Agencies" industry received a PPP loan. These local businesses reported an average of 133 employees (compared to this company's 220) and received an average PPP loan of $1,581,020 (compared to this company's $2M).

Industry PPP Comparison Statistics

Nationwide, 11,537 businesses in the "Employment Placement Agencies" industry received a total of $3,368,603,266.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.

PPP recipients in this industry report an average of 37 employees, 83% lower than Abacus Service Corporation's reported 220 employees, and received an average PPP loan of $291,983, 85% lower than this company's loan of $2M.

SBA PPP loan data, payroll data, and salaries for Abacus Service Corporation
MI

Abacus Service Corporation

Entity: Corporation

Industry: Temporary Help Services

Location: Southfield, MI

Search All PPP Data

Abacus Service Corporation is a corporation located at 25925 Telegraph Rd in Southfield, Michigan that received a Coronavirus-related PPP loan from the SBA of $2,959,300.00 in April, 2020.

The company has reported itself as a male owned business, and employed at least 230 people during the applicable loan loan period.

$ PPP Loan Information Loan #5145987108

Loan Size:

$2.96M

Jobs Retained:

230

Loan Approved:

2020-04-13

Loan Status:

Ongoing Loan

Lender:

Citizens Bank, National Association

Abacus Service Corporation in Southfield, MI received a Paycheck Protection Loan of $2.96M through Citizens 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, Abacus Service Corporation's 2019 payroll expenses are estimated to be at least $14.2M.

Based on their reported 230 jobs retained, this equals an estimated average yearly compensation of $61,759 per employee1

Reported PPP Proceed Usage:

On the PPP application, Abacus Service Corporation reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $2,959,300
Because the loan received by Abacus Service Corporation is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Abacus Service Corporation in Southfield, MI

Abacus Service Corporation
25925 Telegraph Rd
Southfield, MI 48033

Business Industry:
Temporary Help Services
NAICS code 561320

Business Owner Demographics

Race: Unreported

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: N

Rural / Urban: Urban

Oakland County, MI — SBA Office 0515 — Congressional District: MI-14

Similar Companies near Southfield

In the Southfield area, 3 businesses in the "Temporary Help Services" industry received a PPP loan. These local businesses reported an average of 116 employees (compared to this company's 230) and received an average PPP loan of $1,544,650 (compared to this company's $2.96M).

Industry PPP Comparison Statistics

Nationwide, 7,302 businesses in the "Temporary Help Services" industry received a total of $3,525,871,183.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.

PPP recipients in this industry report an average of 60 employees, 74% lower than Abacus Service Corporation's reported 230 employees, and received an average PPP loan of $482,864, 84% lower than this company's loan of $2.96M.

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/abacus-service-corporation-southfield-mi