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

PPP Loan Data — Folderwave, Inc, Westford, MA

ALERT: There are 2 PPP loans for a total of $766,895 in our database for businesses with the name "Folderwave, Inc" in Westford, MA. 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 Folderwave, Inc
MA

Folderwave, Inc

Entity: Corporation

Industry: Custom Computer Programming Services

Location: Westford, MA

Search All PPP Data

Folderwave, Inc is a corporation located at 238 Littleton Rd in Westford, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $383,447.00 in January, 2021.

$ PPP Loan Information
Loan #2306958300

Loan Size:

$383,447

Jobs Retained:

15

Loan Approved:

2021-01-20

Loan Status:

Paid in Full or Forgiven

Lender:

Santander Bank, National Association
Likely Employment Reduction3

Folderwave, Inc in Westford, MA received a Paycheck Protection Loan of $383,447 through Santander Bank, National Association, which was approved in January, 2021.

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 October, 2021.

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 15 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 18. 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, Folderwave, Inc's 2019 payroll expenses are estimated to be at least $1.84M (not accounting for salary amounts > $100k).

Because the 15 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, Folderwave, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $383,446

Business Information - Folderwave, Inc in Westford, MA

Folderwave, Inc
238 Littleton Rd
Westford, MA 1886

Business Industry:
Custom Computer Programming Services
NAICS code 541511

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Middlesex County, MA — SBA Office 0101 — Congressional District: MA-03

Similar Companies near Westford

In the Westford area, 20 businesses in the "Custom Computer Programming Services" industry received a PPP loan. These local businesses reported an average of 10 employees (compared to this company's 15) and received an average PPP loan of $232,829 (compared to this company's $383,447).

Industry PPP Comparison Statistics

Nationwide, 42,875 businesses in the "Custom Computer Programming Services" industry received a total of $6.65B 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 10 employees, 33% lower than Folderwave, Inc's reported 15 employees, and received an average PPP loan of $155,111, 60% lower than this company's loan of $383,447.

SBA PPP loan data, payroll data, and salaries for Folderwave, Inc
MA

Folderwave, Inc

Entity: Corporation

Industry: Custom Computer Programming Services

Location: Westford, MA

Search All PPP Data

Folderwave, Inc is a corporation located at 238 Littleton Rd in Westford, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $383,448.00 in April, 2020.

$ PPP Loan Information
Loan #4047807102

Loan Size:

$383,448

Jobs Retained:

17

Loan Approved:

2020-04-12

Loan Status:

Paid in Full or Forgiven

Lender:

Santander Bank, National Association
Likely Employment Reduction3

Folderwave, Inc in Westford, MA received a Paycheck Protection Loan of $383,448 through Santander Bank, 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 February, 2021.

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 17 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 18. 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, Folderwave, Inc's 2019 payroll expenses are estimated to be at least $1.84M (not accounting for salary amounts > $100k).

Because the 17 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, Folderwave, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $383,448

Business Information - Folderwave, Inc in Westford, MA

Folderwave, Inc
238 Littleton Rd
Westford, MA 1886

Business Industry:
Custom Computer Programming Services
NAICS code 541511

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Middlesex County, MA — SBA Office 0101 — Congressional District: MA-03

Similar Companies near Westford

In the Westford area, 20 businesses in the "Custom Computer Programming Services" industry received a PPP loan. These local businesses reported an average of 10 employees (compared to this company's 17) and received an average PPP loan of $232,829 (compared to this company's $383,448).

Industry PPP Comparison Statistics

Nationwide, 42,875 businesses in the "Custom Computer Programming Services" industry received a total of $6.65B 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 10 employees, 41% lower than Folderwave, Inc's reported 17 employees, and received an average PPP loan of $155,111, 60% lower than this company's loan of $383,448.

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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Source: www.federalpay.org/paycheck-protection-program/folderwave-inc-westford-ma