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

PPP Loan Data — Equity Wave Lending Inc, Irvine, CA

ALERT: There are 2 PPP loans for a total of $553,835 in our database for businesses with the name "Equity Wave Lending Inc" in Irvine, 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 Equity Wave Lending Inc
CA

Equity Wave Lending Inc

Entity: Corporation

Industry: Other Activities Related to Real Estate

Location: Irvine, CA

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Equity Wave Lending Inc is a corporation located at 2355 Main St Ste 230 in Irvine, California that received a Coronavirus-related PPP loan from the SBA of $253,835.00 in March, 2021.

The company has reported itself as a White male owned business, and employed at least thirteen people during the applicable loan loan period.

$ PPP Loan Information
Loan #7344498602

Loan Size:

$253,835

Jobs Retained:

13

Loan Approved:

2021-03-23

Loan Status:

Ongoing Loan

Lender:

City National Bank

Equity Wave Lending Inc in Irvine, CA received a Paycheck Protection Loan of $253,835 through City National Bank, which was approved in March, 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, Equity Wave Lending Inc's 2019 payroll expenses are estimated to be at least $1.22M.

Based on their reported 13 jobs retained, this equals an estimated average yearly compensation of $93,724 per employee1

Reported PPP Proceed Usage:

On the PPP application, Equity Wave Lending Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $253,834

Business Information - Equity Wave Lending Inc in Irvine, CA

Equity Wave Lending Inc
2355 Main St Ste 230
Irvine, CA 92614

Business Industry:
Other Activities Related to Real Estate
NAICS code 531390

Business Owner Demographics

Race: White

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

Orange County, CA — SBA Office 0920 — Congressional District: CA-45

Similar Companies near Irvine

In the Irvine area, 39 businesses in the "Other Activities Related to Real Estate" industry received a PPP loan. These local businesses reported an average of 23 employees (compared to this company's 13) and received an average PPP loan of $286,034 (compared to this company's $253,835).

Industry PPP Comparison Statistics

Nationwide, 79,753 businesses in the "Other Activities Related to Real Estate" industry received a total of $3.69B 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, 69% lower than Equity Wave Lending Inc's reported 13 employees, and received an average PPP loan of $46,312, 82% lower than this company's loan of $253,835.

SBA PPP loan data, payroll data, and salaries for Equity Wave Lending, Inc
CA

Equity Wave Lending, Inc

Entity: Corporation

Industry: Mortgage and Nonmortgage Loan Brokers

Location: Irvine, CA

Search All PPP Data

Equity Wave Lending, Inc is a corporation located at 2355 Main St Suite 230 in Irvine, California that received a Coronavirus-related PPP loan from the SBA of $300,000.00 in April, 2020.

The company has reported itself as a White male owned business, and employed at least twelve people during the applicable loan loan period.

$ PPP Loan Information
Loan #2554417109

Loan Size:

$300,000

Jobs Retained:

12

Loan Approved:

2020-04-10

Loan Status:

Ongoing Loan

Lender:

City National Bank
Likely Employment Reduction3

Equity Wave Lending, Inc in Irvine, CA received a Paycheck Protection Loan of $300,000 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.

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 12 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 14. 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, Equity Wave Lending, Inc's 2019 payroll expenses are estimated to be at least $1.44M (not accounting for salary amounts > $100k).

Because the 12 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, Equity Wave Lending, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $300,000

Business Information - Equity Wave Lending, Inc in Irvine, CA

Equity Wave Lending, Inc
2355 Main St Suite 230
Irvine, CA 92614

Business Industry:
Mortgage and Nonmortgage Loan Brokers
NAICS code 522310

Business Owner Demographics

Race: White

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

Orange County, CA — SBA Office 0920 — Congressional District: CA-45

Similar Companies near Irvine

In the Irvine area, 15 businesses in the "Mortgage and Nonmortgage Loan Brokers" industry received a PPP loan. These local businesses reported an average of 16 employees (compared to this company's 12) and received an average PPP loan of $248,587 (compared to this company's $300,000).

Industry PPP Comparison Statistics

Nationwide, 6,724 businesses in the "Mortgage and Nonmortgage Loan Brokers" industry received a total of $678.59M 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 8 employees, 33% lower than Equity Wave Lending, Inc's reported 12 employees, and received an average PPP loan of $100,921, 66% lower than this company's loan of $300,000.

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.

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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/equity-wave-lending-inc-irvine-ca