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PPP Loan Data — Formac Inc.,
Fremont, CA
Formac Inc.
Entity: Corporation
Industry: Custom Computer Programming Services
Location: Fremont, CA
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Formac Inc. is a corporation located at 3155 Kearney St Suite 210 in Fremont, California that received a Coronavirus-related PPP loan from the SBA of $2,642,900.00 in April, 2020.
$ PPP Loan Information
Loan Size:
Jobs Retained:
0 UnreportedLoan Approved:
2020-04-27Lender:
LIVE OAK BANKING COMPANYFormac Inc. in Fremont, CA received a Paycheck Protection Loan of $2.64M through LIVE OAK BANKING COMPANY, which was approved in April, 2020.
Based on standard PPP eligibility rules, Formac Inc.'s total 2019 payroll expenses were approximately $12.69M in order to qualify for the PPP loan amount received.
Unlike most businesses, Formac Inc.'s PPP data does not report the number of jobs retained by their receipt of the Paycheck Protection Loan (some banks did not release this infomation from their loan applications). Without this data, per-employee payrolls for this company cannot be estimated.
Business Information - Formac Inc. in Fremont, CA
3155 Kearney St Suite 210
Fremont, CA 94538
Business Industry
Custom Computer Programming Services (NAICS code 541511)
Business Owner Demographics
Race / Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Congressional District: CA-17Similar Companies near Fremont
In the Fremont area, 75 businesses in the "Custom Computer Programming Services" industry received a PPP loan. These local businesses reported an average of 23 employees (compared to this company's 0) and received an average PPP loan of $474,571 (compared to this company's $2.64M).
Similar Nearby Businesses Who Received PPP Funding:
Zeland Software, Inc.
Fremont, CA
Sakha Global Inc
Fremont, CA
Abjayon Inc
Fremont, CA
Vertisystem Inc
Fremont, CA
Inceptio Technology Inc.
Fremont, CA
Pampa Technologies LLC
Fremont, CA
SAR Tech LLC
Fremont, CA
Mobifusion, Inc.
Fremont, CA
Industry PPP Comparison Statistics
Nationwide, 24,641 businesses in the "Custom Computer Programming Services" industry received a total of $4,943,790,485.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 11 employees, and received an average PPP loan of $200,633, 92% lower than this company's loan of $2.64M.
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, and is published unmodified, as provided by the SBA.
Footnotes & Information
1. 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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