Bridges Consulting in Hanover, MD - SBA PPP Loan Data (Paycheck Protection Program)

PPP Loan Data — Bridges Consulting, Hanover, MD

Bridges Consulting

Entity: Corporation

Industry: Engineering Services

Location: Hanover, MD

Bridges Consulting is a corporation located at 7880 Milestone Pkwy Ste 450 in Hanover, Maryland that received a Coronavirus-related PPP loan from the SBA of $2,749,200.00 in April, 2020.

$ PPP Loan Information
Loan #8446367107

Loan Size:

$2.75M

Jobs Retained:

Loan Approved:

2020-04-15

Loan Status:

Paid in Full or Forgiven

Lender:

PNC Bank, National Association

Likely Employment Reduction³

Bridges Consulting in Hanover, MD received a Paycheck Protection Loan of $2.75M through PNC Bank, National Association, which was approved in April, 2020.

This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in March, 2021.

The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 97 jobs reported as retained on the PPP application³. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.

The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 132. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.

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, Bridges Consulting's 2019 payroll expenses are estimated to be at least $13.2M (not accounting for salary amounts > $100k).

Because the 97 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.

Reported PPP Proceed Usage:

On the PPP application, Bridges Consulting reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $2,749,200

Because the loan received by Bridges Consulting 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 - Bridges Consulting in Hanover, MD

Bridges Consulting
7880 Milestone Pkwy Ste 450
Hanover, MD 21076

Business Industry:
Engineering Services
NAICS code 541330

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age:

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Anne Arundel County, MD — SBA Office 0373 — Congressional District: MD-02

Similar Companies near Hanover

In the Hanover area, 22 businesses in the "Engineering Services" industry received a PPP loan. These local businesses reported an average of 32 employees (compared to this company's 97) and received an average PPP loan of $610,517 (compared to this company's $2.75M).

Similar Nearby Businesses Who Received PPP Funding:

Traffic Concepts Inc
Hanover, MD

$232,822 PPP Loan

Aerosol Monitoring & Analysis Inc
Hanover, MD

$346,305 PPP Loan

Gardetto Engineering, LLC
Hanover, MD

$280,690 PPP Loan

Elom Engineering
Hanover, MD

$5,625 PPP Loan

Eclipse Engineering
Hanover, MD

$948,300 PPP Loan

Homco Renaissance Inc
Hanover, MD

$15,050 PPP Loan

Design Depictions Structural Eng
Elkridge, MD

$11,515 PPP Loan

Design Depictions Structural Engineering
Elkridge, MD

$11,515 PPP Loan

Engineering Solutions, Inc
Hanover, MD

$2.16M PPP Loan

Industry PPP Comparison Statistics

Nationwide, 46,579 businesses in the "Engineering Services" industry received a total of $9.17B 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 13 employees, 87% lower than Bridges Consulting's reported 97 employees, and received an average PPP loan of $196,935, 93% lower than this company's loan of $2.75M.

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.

3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.

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