PPP Loan Data — Digitalbytes Inc, Langhorne, PA
Digitalbytes Inc is a corporation located at 2300 Lincoln Hwy Suite 301 in Langhorne, Pennsylvania that received a Coronavirus-related PPP loan from the SBA of $1,596,000.00 in April, 2020.
The company has reported itself as a female owned business, and employed at least 69 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Seacoast National Bank
Digitalbytes Inc in Langhorne, PA received a Paycheck Protection Loan of $1.6M through Seacoast National Bank, which was approved in April, 2020.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 77. 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
Understanding Payroll Estimates Based On PPP Amount
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, Digitalbytes Inc's 2019 payroll expenses are estimated to be at least $7.66M (not accounting for salary amounts > $100k).
Because the 69 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, Digitalbytes Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,596,000
Business Information - Digitalbytes Inc in Langhorne, PA
2300 Lincoln Hwy Suite 301
Langhorne, PA 19047
Employment Placement Agencies
NAICS code 561311
Business Owner Demographics
Gender: Female Owned
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Langhorne
In the Langhorne area, 12 businesses in the "Employment Placement Agencies" industry received a PPP loan. These local businesses reported an average of 8 employees (compared to this company's 69) and received an average PPP loan of $166,547 (compared to this company's $1.6M).
Similar Nearby Businesses Who Received PPP Funding:
BDM Scientific LLC
Innovit USA, Inc
Ayaan & Om LLC
Kapital Data Corp
BMD Scientific LLC
PRN Consultants II, LLC
PRN Consultants Inc
Industry PPP Comparison Statistics
Nationwide, 12,601 businesses in the "Employment Placement Agencies" industry received a total of $3.48B 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 35 employees, 49% lower than Digitalbytes Inc's reported 69 employees, and received an average PPP loan of $275,915, 83% lower than this company's loan of $1.6M.
FederalPay's PPP Information Policy
Footnotes & Information
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.
Have FederalPay.org's open data tools been valuable? Consider donating!