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PPP Loan Data — Facsimile Communications Industries, Inc,
New York, NY
Facsimile Communications Industries, Inc
Entity: Corporation
Industry: Other Computer Related Services
Location: New York, NY
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Facsimile Communications Industries, Inc is a corporation located at 134 W 26th St in New York, New York that received a Coronavirus-related PPP loan from the SBA of $7,087,167.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least 475 people during the applicable loan loan period.
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PPP Loan Information
Loan #7692467005
Loan Size:
Jobs Retained:
475Loan Approved:
2020-04-08Loan Status:
Paid in Full or ForgivenLender:
City National BankFacsimile Communications Industries, Inc in New York, NY received a Paycheck Protection Loan of $7.09M through City National Bank, 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, Facsimile Communications Industries, Inc's 2019 payroll expenses are estimated to be at least $34.02M.
Based on their reported 475 jobs retained, this equals an estimated average yearly compensation of $71,618 per employee1
Reported PPP Proceed Usage:
On the PPP application, Facsimile Communications Industries, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $5,777,167
- Utilities: $205,000
- Rent: $605,000
- Health Care: $500,000
Business Information - Facsimile Communications Industries, Inc in New York, NY
134 W 26th St
New York, NY 10001
Business Industry:
Other Computer Related Services
NAICS code 541519
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
Businesses Using Same Address:
There is one other business that received a PPP loan registered to the same address as Facsimile Communications Industries, Inc.
City Sounds Of NY - Speech-Language Development Center Inc
All Other Professional, Scientific, and Technical Services
Similar Companies near New York
In the New York area, 52 businesses in the "Other Computer Related Services" industry received a PPP loan. These local businesses reported an average of 29 employees (compared to this company's 475) and received an average PPP loan of $414,575 (compared to this company's $7.09M).
Similar Nearby Businesses Who Received PPP Funding:
ABC Computer Services Inc
New York, NY
Tech-Alert Inc
New York, NY
Solution Matrix LLC
New York, NY
Neotech Networks LLC
New York, NY
Universal E-Business Solutions LLC
New York, NY
Parsons Communications, Inc
New York, NY
Personal Technology Solutions LLC
New York, NY
Branch Of Ture Vine Inc
New York, NY
T.e.c. Document Solutions Inc
New York, NY
Industry PPP Comparison Statistics
Nationwide, 25,053 businesses in the "Other Computer Related Services" industry received a total of $3.09B 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 9 employees, 98% lower than Facsimile Communications Industries, Inc's reported 475 employees, and received an average PPP loan of $123,350, 98% lower than this company's loan of $7.09M.
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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