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

PPP Loan Data — Area Temps Inc, Independence, OH

ALERT: There are 2 PPP loans for a total of $4.68M in our database for businesses with the name "Area Temps Inc" in Independence, OH. 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 Area Temps Inc
OH

Area Temps Inc

Entity: Subchapter S Corporation

Industry: Temporary Help Services

Location: Independence, OH

Search All PPP Data

Area Temps Inc is a subchapter s corporation located at 4511 Rockside Rd in Independence, Ohio that received a Coronavirus-related PPP loan from the SBA of $1,679,600.00 in February, 2021.

$ PPP Loan Information
Loan #1188208509

Loan Size:

$1.68M

Jobs Retained:

183

Loan Approved:

2021-02-18

Loan Status:

Ongoing Loan

Lender:

Fifth Third Bank

Area Temps Inc in Independence, OH received a Paycheck Protection Loan of $1.68M through Fifth Third Bank, which was approved in February, 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, Area Temps Inc's 2019 payroll expenses are estimated to be at least $8.06M.

Based on their reported 183 jobs retained, this equals an estimated average yearly compensation of $44,055 per employee1

Reported PPP Proceed Usage:

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

  • Payroll: $1,679,598
  • Utilities: $1

Business Information - Area Temps Inc in Independence, OH

Area Temps Inc
4511 Rockside Rd
Independence, OH 44131

Business Industry:
Temporary Help Services
NAICS code 561320

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Cuyahoga County, OH — SBA Office 0549 — Congressional District: OH-14

Similar Companies near Independence

In the Independence area, 12 businesses in the "Temporary Help Services" industry received a PPP loan. These local businesses reported an average of 124 employees (compared to this company's 183) and received an average PPP loan of $859,806 (compared to this company's $1.68M).

Industry PPP Comparison Statistics

Nationwide, 7,302 businesses in the "Temporary Help Services" industry received a total of $3.53B 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 60 employees, 67% lower than Area Temps Inc's reported 183 employees, and received an average PPP loan of $482,864, 71% lower than this company's loan of $1.68M.

SBA PPP loan data, payroll data, and salaries for Area Temps, Inc
OH

Area Temps, Inc

Entity: Subchapter S Corporation

Industry: Human Resources Consulting Services

Location: Independence, OH

Search All PPP Data

Area Temps, Inc is a subchapter s corporation located at 4511 Rockside Road in Independence, Ohio that received a Coronavirus-related PPP loan from the SBA of $2,998,813.00 in April, 2020.

$ PPP Loan Information
Loan #3431897303

Loan Size:

$3M

Jobs Retained:

391

Loan Approved:

2020-04-29

Loan Status:

Ongoing Loan

Lender:

American Express National Bank

Area Temps, Inc in Independence, OH received a Paycheck Protection Loan of $3M through American Express National 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, Area Temps, Inc's 2019 payroll expenses are estimated to be at least $14.39M.

Based on their reported 391 jobs retained, this equals an estimated average yearly compensation of $36,814 per employee1

Reported PPP Proceed Usage:

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

  • Payroll: $2,249,109
  • Utilities: $299,881
  • Rent: $449,822
Because the loan received by Area Temps, 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 - Area Temps, Inc in Independence, OH

Area Temps, Inc
4511 Rockside Road
Independence, OH 44131

Business Industry:
Human Resources Consulting Services
NAICS code 541612

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Cuyahoga County, OH — SBA Office 0549 — Congressional District: OH-14

Similar Companies near Independence

In the Independence area, 3 businesses in the "Human Resources Consulting Services" industry received a PPP loan. These local businesses reported an average of 139 employees (compared to this company's 391) and received an average PPP loan of $1,132,534 (compared to this company's $3M).

Industry PPP Comparison Statistics

Nationwide, 8,206 businesses in the "Human Resources Consulting Services" industry received a total of $793.96M 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 9 employees, 98% lower than Area Temps, Inc's reported 391 employees, and received an average PPP loan of $96,753, 97% lower than this company's loan of $3M.

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/area-temps-inc-independence-oh