PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Accrue Partners Inc, Charlotte, NC

SBA PPP loan data, payroll data, and salaries for Accrue Partners Inc
NC

Accrue Partners Inc

Entity: Corporation

Industry: Professional Employer Organizations

Location: Charlotte, NC

Search All PPP Data

Accrue Partners Inc is a corporation located at 1000 Morehead St in Charlotte, North Carolina that received a Coronavirus-related PPP loan from the SBA of $3,655,170.00 in April, 2020.

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

$ PPP Loan Information
Loan #1832617106

Loan Size:

$3.66M

Jobs Retained:

220

Loan Approved:

2020-04-10

Loan Status:

Ongoing Loan

Lender:

Fifth Third Bank

Accrue Partners Inc in Charlotte, NC received a Paycheck Protection Loan of $3.66M through Fifth Third Bank, 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, Accrue Partners Inc's 2019 payroll expenses are estimated to be at least $17.54M.

Based on their reported 220 jobs retained, this equals an estimated average yearly compensation of $79,749 per employee1

Reported PPP Proceed Usage:

On the PPP application, Accrue Partners Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $3,655,170
Because the loan received by Accrue Partners Inc 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 - Accrue Partners Inc in Charlotte, NC

Accrue Partners Inc
1000 Morehead St
Charlotte, NC 28208

Business Industry:
Professional Employer Organizations
NAICS code 561330

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Mecklenburg County, NC — SBA Office 0460 — Congressional District: NC-12

Similar Companies near Charlotte

In the Charlotte area, 2 businesses in the "Professional Employer Organizations" industry received a PPP loan. These local businesses reported an average of 116 employees (compared to this company's 220) and received an average PPP loan of $1,948,035 (compared to this company's $3.66M).

Similar Nearby Businesses Who Received PPP Funding:

Coleman Lew & Associates, Inc
Charlotte, NC

$240,900 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 2,300 businesses in the "Professional Employer Organizations" industry received a total of $711.58M 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 33 employees, 85% lower than Accrue Partners Inc's reported 220 employees, and received an average PPP loan of $309,383, 92% lower than this company's loan of $3.66M.

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.


Have FederalPay.org's open data tools been valuable? Consider donating!

** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/accrue-partners-inc-charlotte-nc