PPP Loan Data — Arevo Group Inc, Mount Airy, NC
Arevo Group Inc is a corporation located at 1908 Caudle Dr in Mount Airy, North Carolina that received a Coronavirus-related PPP loan from the SBA of $371,206.00 in July, 2020.
$ PPP Loan Information
Lender:TRUIST BANK D/B/A BRANCH BANKING & TRUST CO
Arevo Group Inc received a Paycheck Protection Loan of $371,206 through TRUIST BANK D/B/A BRANCH BANKING & TRUST CO, which was approved in July, 2020.
Based on standard PPP eligibility rules, Arevo Group Inc's total 2019 payroll expenses were approximately $1.78M in order to qualify for the PPP loan amount received.
Based on their reported 25 jobs retained, this equals an estimated average yearly compensation of $71,272 per employee1.
Business Information - Arevo Group Inc in Mount Airy, NC
1908 Caudle Dr
Mount Airy, NC 27030
Employment Placement Agencies (NAICS code 561311)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: NC-05
Similar Companies near Mount Airy
In the Mount Airy area, 2 businesses in the "Employment Placement Agencies" industry received a PPP loan. These local businesses reported an average of 263 employees (compared to this company's 25) and received an average PPP loan of $4,330,437 (compared to this company's $371,206).
Similar Nearby Businesses Who Received PPP Funding:
Workforce Unlimited, LLC
Mount Airy, NC
Industry PPP Comparison Statistics
Nationwide, 7,294 businesses in the "Employment Placement Agencies" industry received a total of $2,648,453,106.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 38 employees, 52% higher than Arevo Group Inc's reported 25 employees, and received an average PPP loan of $363,100, 2% lower than this company's loan of $371,206.
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.
Footnotes & Information
1. 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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