PPP Loan Data — Fargotek, Fargo, ND
Fargotek is a sole proprietorship located in Fargo, North Dakota that received a Coronavirus-related PPP loan from the SBA of $20,475.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Gate City Bank
Fargotek in Fargo, ND received a Paycheck Protection Loan of $20,475 through Gate City 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.
Reported PPP Proceed Usage:
On the PPP application, Fargotek reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $20,475
Business Information - Fargotek in Fargo, ND
* Full address is redacted to protect the privacy of individuals.
Custom Computer Programming Services
NAICS code 541511
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Fargo
In the Fargo area, 17 businesses in the "Custom Computer Programming Services" industry received a PPP loan. These local businesses reported an average of 16 employees (compared to this company's 1) and received an average PPP loan of $269,575 (compared to this company's $20,475).
Similar Nearby Businesses Who Received PPP Funding:
Avenue Right, Inc
Valley It Solutions LLC
Minimum Tech LLC
Industry PPP Comparison Statistics
Nationwide, 38,818 businesses in the "Custom Computer Programming Services" industry received a total of $6.47B 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 11 employees, 1000% higher than Fargotek's reported 1 employees, and received an average PPP loan of $166,647, 714% higher than this company's loan of $20,475.
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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