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PPP Loan Data — Expert Staffing Partners Inc,
Worcester, MA
Expert Staffing Partners Inc
Entity: Corporation
Industry: Employment Placement Agencies
Location: Worcester, MA
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Expert Staffing Partners Inc is a corporation located at 120 Stafford St Ste 202 in Worcester, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in March, 2021.
The company has reported itself as a White male veteran owned business, and employed at least 275 people during the applicable loan loan period.
$
PPP Loan Information
Loan #1554138709
Loan Size:
Jobs Retained:
275Loan Approved:
2021-03-27Loan Status:
Ongoing LoanLender:
Bank of America, National AssociationExpert Staffing Partners Inc in Worcester, MA received a Paycheck Protection Loan of $2M through Bank of America, National Association, 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 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, Expert Staffing Partners Inc's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 275 jobs retained, this equals an estimated average yearly compensation of $34,909 per employee1
Reported PPP Proceed Usage:
On the PPP application, Expert Staffing Partners Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,997
Business Information - Expert Staffing Partners Inc in Worcester, MA
120 Stafford St Ste 202
Worcester, MA 1603
Business Industry:
Employment Placement Agencies
NAICS code 561311
Business Owner Demographics
Race: White
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: Y
HUBZone: N
Rural / Urban: Urban
Similar Companies near Worcester
In the Worcester area, 4 businesses in the "Employment Placement Agencies" industry received a PPP loan. These local businesses reported an average of 81 employees (compared to this company's 275) and received an average PPP loan of $602,548 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Ver-Fied Staffing Solutions, LLC
Worcester, MA
SOM Enterprise Services Inc
Worcester, MA
Titan Staffing LLC
Worcester, MA
Industry PPP Comparison Statistics
Nationwide, 12,514 businesses in the "Employment Placement Agencies" industry received a total of $3.47B 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, 87% lower than Expert Staffing Partners Inc's reported 275 employees, and received an average PPP loan of $277,509, 86% lower than this company's loan of $2M.
Expert Staffing Partners, Inc
Entity: Corporation
Industry: Human Resources Consulting Services
Location: Worcester, MA
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Expert Staffing Partners, Inc is a corporation located at 120 Stafford St in Worcester, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $5,000,000.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 500 people during the applicable loan loan period.
$
PPP Loan Information
Loan #3891117108
Loan Size:
Jobs Retained:
500Loan Approved:
2020-04-12Loan Status:
Paid in Full or ForgivenLender:
Bank of America, National AssociationExpert Staffing Partners, Inc in Worcester, MA received a Paycheck Protection Loan of $5M through Bank of America, National Association, which was approved in April, 2020.
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 July, 2021.
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, Expert Staffing Partners, Inc's 2019 payroll expenses are estimated to be at least $24M.
Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $48,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Expert Staffing Partners, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $5,000,000
Business Information - Expert Staffing Partners, Inc in Worcester, MA
120 Stafford St
Worcester, MA 1602
Business Industry:
Human Resources Consulting Services
NAICS code 541612
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Male Owned
Veteran Status: Unreported
Business Demographics
Business Age:
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 10,218 businesses in the "Human Resources Consulting Services" industry received a total of $835.75M 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 7 employees, 99% lower than Expert Staffing Partners, Inc's reported 500 employees, and received an average PPP loan of $81,792, 98% lower than this company's loan of $5M.
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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