PPP Loan Data — ERG Staffing Service LLC, Scranton, PA
ERG Staffing Service LLC is a corporation located at 235 Main St Ste 121 in Scranton, Pennsylvania that received a Coronavirus-related PPP loan from the SBA of $2,726,870.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Bank of America, National Association
ERG Staffing Service LLC in Scranton, PA received a Paycheck Protection Loan of $2.73M through Bank of America, National Association, which was approved in April, 2020.
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, ERG Staffing Service LLC's 2019 payroll expenses are estimated to be at least $13.09M.
Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $26,178 per employee1
Reported PPP Proceed Usage:
On the PPP application, ERG Staffing Service LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,726,870
Business Information - ERG Staffing Service LLC in Scranton, PA
235 Main St Ste 121
Scranton, PA 18519
Employment Placement Agencies
NAICS code 561311
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Scranton
In the Scranton area, 2 businesses in the "Employment Placement Agencies" industry received a PPP loan. These local businesses reported an average of 266 employees (compared to this company's 500) and received an average PPP loan of $1,421,383 (compared to this company's $2.73M).
Similar Nearby Businesses Who Received PPP Funding:
Rosie's Riveters Staffing Service LLC
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, 93% lower than ERG Staffing Service LLC's reported 500 employees, and received an average PPP loan of $275,915, 90% lower than this company's loan of $2.73M.
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Footnotes & Information
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