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PPP Loan Data — Cynet Systems Inc, Sterling, VA

SBA PPP loan data, payroll data, and salaries for Cynet Systems Inc
VA

Cynet Systems Inc

Entity: Subchapter S Corporation

Industry: Other Computer Related Services

Location: Sterling, VA

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Cynet Systems Inc is a subchapter s corporation located at 21000 Atlantic Blvd #700 in Sterling, Virginia that received a Coronavirus-related PPP loan from the SBA of $4,272,692.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$4.27M

Jobs Retained:

368

Loan Approved:

2020-04-15

Lender:

TRUIST BANK D/B/A BRANCH BANKING & TRUST CO

Cynet Systems Inc received a Paycheck Protection Loan of $4.27M through TRUIST BANK D/B/A BRANCH BANKING & TRUST CO, which was approved in April, 2020.

Based on standard PPP eligibility rules, Cynet Systems Inc's total 2019 payroll expenses were approximately $20.51M in order to qualify for the PPP loan amount received.

Based on their reported 368 jobs retained, this equals an estimated average yearly compensation of $55,731 per employee1.

Because the loan received by Cynet Systems 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 - Cynet Systems Inc in Sterling, VA

Cynet Systems Inc
21000 Atlantic Blvd #700
Sterling, VA 20166

Business Industry

Other Computer Related Services (NAICS code 541519)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: VA-10

Similar Companies near Sterling

In the Sterling area, 21 businesses in the "Other Computer Related Services" industry received a PPP loan. These local businesses reported an average of 44 employees (compared to this company's 368) and received an average PPP loan of $642,600 (compared to this company's $4.27M).

Industry PPP Comparison Statistics

Nationwide, 12,205 businesses in the "Other Computer Related Services" industry received a total of $2,142,018,033.00 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 10 employees, 97% lower than Cynet Systems Inc's reported 368 employees, and received an average PPP loan of $175,503, 96% lower than this company's loan of $4.27M.

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.

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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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/cynet-systems-inc-sterling-va