Array Information Technology, Inc in Greenbelt, MD - SBA PPP Loan Data (Paycheck Protection Program)

PPP Loan Data — Array Information Technology, Inc, Greenbelt, MD

Array Information Technology, Inc

Entity: Corporation

Industry: Custom Computer Programming Services

Location: Greenbelt, MD

Array Information Technology, Inc is a corporation located at 7474 Greenway Center Dr Ste 600 in Greenbelt, Maryland that received a Coronavirus-related PPP loan from the SBA of $4,363,171.00 in April, 2020.

$ PPP Loan Information
Loan #7341437005

Loan Size:

$4.36M

Jobs Retained:

221

Loan Approved:

2020-04-07

Loan Status:

Ongoing Loan

Lender:

First Midwest Bank

Array Information Technology, Inc in Greenbelt, MD received a Paycheck Protection Loan of $4.36M through First Midwest 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.

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.

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, Array Information Technology, Inc's 2019 payroll expenses are estimated to be at least $20.94M.

Based on their reported 221 jobs retained, this equals an estimated average yearly compensation of $94,766 per employee¹

Reported PPP Proceed Usage:

On the PPP application, Array Information Technology, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $4,363,171

Because the loan received by Array Information Technology, 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 - Array Information Technology, Inc in Greenbelt, MD

Array Information Technology, Inc
7474 Greenway Center Dr Ste 600
Greenbelt, MD 20770

Business Industry:
Custom Computer Programming Services
NAICS code 541511

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: New Business or 2 years or less

LMI Zone: Y

HUBZone: N

Rural / Urban: Urban

Prince Georges County, MD — SBA Office 0353 — Congressional District: MD-05

Similar Companies near Greenbelt

In the Greenbelt area, 13 businesses in the "Custom Computer Programming Services" industry received a PPP loan. These local businesses reported an average of 51 employees (compared to this company's 221) and received an average PPP loan of $1,022,769 (compared to this company's $4.36M).

Similar Nearby Businesses Who Received PPP Funding:

Orbit Logic Incorporated
Greenbelt, MD

$1.04M PPP Loan

Sahi, Inc
Greenbelt, MD

$60,000 PPP Loan

Christian Bakare
Greenbelt, MD

$20,832 PPP Loan

Precision Consulting LLC
Greenbelt, MD

$19,841 PPP Loan

International Software Systems Inc
Greenbelt, MD

$1.29M PPP Loan

Gama 1 Technologies LLC
Greenbelt, MD

$2M PPP Loan

The Hammers Company, Inc
Greenbelt, MD

$1.52M PPP Loan

Mansai Corporation
Greenbelt, MD

$203,956 PPP Loan

Swingtech Consulting Inc
Greenbelt, MD

$316,700 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 38,818 businesses in the "Custom Computer Programming Services" industry received a total of $6.47B 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 11 employees, 95% lower than Array Information Technology, Inc's reported 221 employees, and received an average PPP loan of $166,647, 96% lower than this company's loan of $4.36M.

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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