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PPP Loan Data — Convergence Consulting Group Inc, Tampa, FL

SBA PPP loan data, payroll data, and salaries for Convergence Consulting Group Inc
FL

Convergence Consulting Group Inc

Entity: Subchapter S Corporation

Industry: Engineering Services

Location: Tampa, FL

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Convergence Consulting Group Inc is a subchapter s corporation located at 2502 N Rocky Point Dr in Tampa, Florida that received a Coronavirus-related PPP loan from the SBA of $2,458,500.00 in April, 2020.

$ PPP Loan Information
Loan #3148247105

Loan Size:

$2.46M

Jobs Retained:

85

Loan Approved:

2020-04-11

Loan Status:

Ongoing Loan

Lender:

PNC Bank, National Association
Likely Employment Reduction3

Convergence Consulting Group Inc in Tampa, FL received a Paycheck Protection Loan of $2.46M through PNC Bank, National Association, 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. The loan's status was last updated by the SBA in November, -0001.

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 85 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 118. 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.

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, Convergence Consulting Group Inc's 2019 payroll expenses are estimated to be at least $11.8M (not accounting for salary amounts > $100k).

Because the 85 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, Convergence Consulting Group Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $2,458,500
Because the loan received by Convergence Consulting 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 - Convergence Consulting Group Inc in Tampa, FL

Convergence Consulting Group Inc
2502 N Rocky Point Dr
Tampa, FL 33607

Business Industry:
Engineering Services
NAICS code 541330

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

Hillsborough County, FL — SBA Office 0455 — Congressional District: FL-14

Similar Companies near Tampa

In the Tampa area, 21 businesses in the "Engineering Services" industry received a PPP loan. These local businesses reported an average of 25 employees (compared to this company's 85) and received an average PPP loan of $408,281 (compared to this company's $2.46M).

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, 85% lower than Convergence Consulting Group Inc's reported 85 employees, and received an average PPP loan of $196,935, 92% lower than this company's loan of $2.46M.

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.

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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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Source: www.federalpay.org/paycheck-protection-program/convergence-consulting-group-inc-tampa-fl