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PPP Loan Data — DM Innovations Inc,
Farmers Branch, TX
DM Innovations Inc
Entity: Corporation
Industry: Engineering Services
Location: Farmers Branch, TX
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DM Innovations Inc is a corporation located at 2953 Randy Ln in Farmers Branch, Texas that received a Coronavirus-related PPP loan from the SBA of $14,500.00 in March, 2021.
The company has reported itself as a Black or african american male owned business, and employed at least four people during the applicable loan loan period.
$
PPP Loan Information
Loan #6551548504
Loan Size:
Jobs Retained:
4Loan Approved:
2021-03-04Loan Status:
Paid in Full or ForgivenLender:
Comerica BankDM Innovations Inc in Farmers Branch, TX received a Paycheck Protection Loan of $14,500 through Comerica Bank, which was approved in March, 2021.
This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in March, 2022.
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 MoreUnderstanding 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 MoreBased 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, DM Innovations Inc's 2019 payroll expenses are estimated to be at least $69,600.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $17,400 per employee1
Reported PPP Proceed Usage:
On the PPP application, DM Innovations Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $14,500
Business Information - DM Innovations Inc in Farmers Branch, TX
2953 Randy Ln
Farmers Branch, TX 75234
Business Industry:
Engineering Services
NAICS code 541330
Business Owner Demographics
Race: Black or African American
Ethnicity: Unreported
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
Similar Companies near Farmers Branch
In the Farmers Branch area, 16 businesses in the "Engineering Services" industry received a PPP loan. These local businesses reported an average of 78 employees (compared to this company's 4) and received an average PPP loan of $880,496 (compared to this company's $14,500).
Similar Nearby Businesses Who Received PPP Funding:
Cloud Hybrid Technologies LLC
Dallas, TX
Monghate Engineering, Inc
Dallas, TX
Datum Engineers
Dallas, TX
Kehl Associates LLC
Dallas, TX
DM Innovations, Inc
Dallas, TX
Bridgefarmer & Associates Inc
Dallas, TX
Cp&Y Inc
Dallas, TX
Reed Engineering Group, LTD
Dallas, TX
Aksor Technologies Inc
Farmers Branch, TX
Industry PPP Comparison Statistics
Nationwide, 46,563 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, 225% higher than DM Innovations Inc's reported 4 employees, and received an average PPP loan of $196,989, 1259% higher than this company's loan of $14,500.
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.
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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