PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Credit Card Services Inc, Torrance, CA

ALERT: There are 2 PPP loans for a total of $4.34M in our database for businesses with the name "Credit Card Services Inc" in Torrance, CA. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Credit Card Services Inc
CA

Credit Card Services Inc

Entity: Corporation

Industry: Other Business Service Centers (including Copy Shops)

Location: Torrance, CA

Search All PPP Data

Credit Card Services Inc is a corporation located at 21281 S Western Ave in Torrance, California that received a Coronavirus-related PPP loan from the SBA of $1,956,477.00 in February, 2021.

The company has reported itself as an Asian male owned business, and employed at least 148 people during the applicable loan loan period.

$ PPP Loan Information
Loan #8519678409

Loan Size:

$1.96M

Jobs Retained:

148

Loan Approved:

2021-02-13

Loan Status:

Ongoing Loan

Lender:

City National Bank

Credit Card Services Inc in Torrance, CA received a Paycheck Protection Loan of $1.96M through City National Bank, which was approved in February, 2021.

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.

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, Credit Card Services Inc's 2019 payroll expenses are estimated to be at least $9.39M.

Based on their reported 148 jobs retained, this equals an estimated average yearly compensation of $63,453 per employee1

Reported PPP Proceed Usage:

On the PPP application, Credit Card Services Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,956,474
  • Utilities: $1

Business Information - Credit Card Services Inc in Torrance, CA

Credit Card Services Inc
21281 S Western Ave
Torrance, CA 90501

Business Industry:
Other Business Service Centers (including Copy Shops)
NAICS code 561439

Business Owner Demographics

Race: Asian

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Los Angeles County, CA — SBA Office 0914 — Congressional District: CA-43

Similar Companies near Torrance

In the Torrance area, 4 businesses in the "Other Business Service Centers (including Copy Shops)" industry received a PPP loan. These local businesses reported an average of 41 employees (compared to this company's 148) and received an average PPP loan of $504,117 (compared to this company's $1.96M).

Industry PPP Comparison Statistics

Nationwide, 5,635 businesses in the "Other Business Service Centers (including Copy Shops)" industry received a total of $221.26M 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 4 employees, 97% lower than Credit Card Services Inc's reported 148 employees, and received an average PPP loan of $39,265, 98% lower than this company's loan of $1.96M.

SBA PPP loan data, payroll data, and salaries for Credit Card Services, Inc
CA

Credit Card Services, Inc

Entity: Corporation

Industry: Financial Transactions Processing, Reserve, and Clearinghouse Activities

Location: Torrance, CA

Search All PPP Data

Credit Card Services, Inc is a corporation located at 21281 S. Western Ave in Torrance, California that received a Coronavirus-related PPP loan from the SBA of $2,388,232.00 in April, 2020.

The company has reported itself as an Asian male owned business, and employed at least 180 people during the applicable loan loan period.

$ PPP Loan Information
Loan #8811057009

Loan Size:

$2.39M

Jobs Retained:

180

Loan Approved:

2020-04-08

Loan Status:

Ongoing Loan

Lender:

City National Bank

Credit Card Services, Inc in Torrance, CA received a Paycheck Protection Loan of $2.39M through City National 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.

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, Credit Card Services, Inc's 2019 payroll expenses are estimated to be at least $11.46M.

Based on their reported 180 jobs retained, this equals an estimated average yearly compensation of $63,686 per employee1

Reported PPP Proceed Usage:

On the PPP application, Credit Card Services, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $2,186,800
  • Health Care: $201,432
Because the loan received by Credit Card Services, 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 - Credit Card Services, Inc in Torrance, CA

Credit Card Services, Inc
21281 S. Western Ave
Torrance, CA 90501

Business Owner Demographics

Race: Asian

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Los Angeles County, CA — SBA Office 0914 — Congressional District: CA-43

Similar Companies near Torrance

In the Torrance area, 2 businesses in the "Financial Transactions Processing, Reserve, and Clearinghouse Activities" industry received a PPP loan. These local businesses reported an average of 103 employees (compared to this company's 180) and received an average PPP loan of $1,400,616 (compared to this company's $2.39M).

Similar Nearby Businesses Who Received PPP Funding:

Global Electronic Technology Inc
Torrance, CA

$413,000 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 4,469 businesses in the "Financial Transactions Processing, Reserve, and Clearinghouse Activities" industry received a total of $319.01M 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 6 employees, 97% lower than Credit Card Services, Inc's reported 180 employees, and received an average PPP loan of $71,384, 97% lower than this company's loan of $2.39M.

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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/credit-card-services-inc-torrance-ca