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PPP Loan Data — Cadence Innovations Group, Inc., South Jordan, UT

SBA PPP loan data, payroll data, and salaries for Cadence Innovations Group, Inc.
UT

Cadence Innovations Group, Inc.

Entity: Subchapter S Corporation

Industry: Other Direct Insurance (except Life, Health, and Medical) Carriers

Location: South Jordan, UT

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Cadence Innovations Group, Inc. is a subchapter s corporation located at 10855 S River Front Parkway in South Jordan, Utah that received a Coronavirus-related PPP loan from the SBA of $2,495,140.00 in April, 2020.

The company has reported itself as a White male owned business, and employed at least 139 people during the applicable loan loan period.

$ PPP Loan Information

Loan Size:

$2.5M

Jobs Retained:

139

Loan Approved:

2020-04-13

Lender:

KEYBANK NATIONAL ASSOCIATION

Cadence Innovations Group, Inc. in South Jordan, UT received a Paycheck Protection Loan of $2.5M through KEYBANK NATIONAL ASSOCIATION, which was approved in April, 2020.

Based on standard PPP eligibility rules, Cadence Innovations Group, Inc.'s total 2019 payroll expenses were approximately $11.98M in order to qualify for the PPP loan amount received.

Based on their reported 139 jobs retained, this equals an estimated average yearly compensation of $86,163 per employee1.

Because the loan received by Cadence Innovations Group, 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 - Cadence Innovations Group, Inc. in South Jordan, UT

Cadence Innovations Group, Inc.
10855 S River Front Parkway
South Jordan, UT 84095

Business Industry

Other Direct Insurance (except Life, Health, and Medical) Carriers (NAICS code 524128)

Business Owner Demographics

Race / Ethnicity: WHITE

Gender: MALE OWNED

Veteran Status: VETERAN

Congressional District: UT-04

Similar Companies near South Jordan

In the South Jordan area, 2 businesses in the "Other Direct Insurance (except Life, Health, and Medical) Carriers" industry received a PPP loan. These local businesses reported an average of 70 employees (compared to this company's 139) and received an average PPP loan of $1,251,320 (compared to this company's $2.5M).

Similar Nearby Businesses Who Received PPP Funding:

Action Direct LLC
Herriman, UT

$7,500 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 922 businesses in the "Other Direct Insurance (except Life, Health, and Medical) Carriers" industry received a total of $91,174,458.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.

PPP recipients in this industry report an average of 7 employees, 95% lower than Cadence Innovations Group, Inc.'s reported 139 employees, and received an average PPP loan of $98,888, 96% lower than this company's loan of $2.5M.

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, and is published unmodified, as provided by the SBA.

Search FederalPay's Full PPP Loan Database

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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Source: www.federalpay.org/paycheck-protection-program/cadence-innovations-group-inc-south-jordan-ut