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

PPP Loan Data — Formula 5 Capital Inc, San Diego, CA

ALERT: There are 2 PPP loans for a total of $51,512 in our database for businesses with the name "Formula 5 Capital Inc" in San Diego, CA. 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 Formula 5 Capital Inc
CA

Formula 5 Capital Inc

Entity: Subchapter S Corporation

Industry: Insurance Agencies and Brokerages

Location: San Diego, CA

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Formula 5 Capital Inc is a subchapter s corporation located at 5465 Morehouse Dr in San Diego, California that received a Coronavirus-related PPP loan from the SBA of $26,250.00 in March, 2021.

The company has reported itself as a White male owned business, and employed at least two people during the applicable loan loan period.

$ PPP Loan Information
Loan #8448208508

Loan Size:

$26,250

Jobs Retained:

2

Loan Approved:

2021-03-09

Loan Status:

Ongoing Loan

Lender:

Cross River Bank

Formula 5 Capital Inc in San Diego, CA received a Paycheck Protection Loan of $26,250 through Cross River Bank, 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 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, Formula 5 Capital Inc's 2019 payroll expenses are estimated to be at least $126,000.

Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $63,000 per employee1

Reported PPP Proceed Usage:

On the PPP application, Formula 5 Capital Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $26,249

Business Information - Formula 5 Capital Inc in San Diego, CA

Formula 5 Capital Inc
5465 Morehouse Dr
San Diego, CA 92121

Business Industry:
Insurance Agencies and Brokerages
NAICS code 524210

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

San Diego County, CA — SBA Office 0954 — Congressional District: CA-52

Similar Companies near San Diego

In the San Diego area, 70 businesses in the "Insurance Agencies and Brokerages" industry received a PPP loan. These local businesses reported an average of 7 employees (compared to this company's 2) and received an average PPP loan of $86,108 (compared to this company's $26,250).

Industry PPP Comparison Statistics

Nationwide, 149,532 businesses in the "Insurance Agencies and Brokerages" industry received a total of $5.87B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 1% of the total PPP funding allocated.

PPP recipients in this industry report an average of 4 employees, 100% higher than Formula 5 Capital Inc's reported 2 employees, and received an average PPP loan of $39,254, 50% higher than this company's loan of $26,250.

SBA PPP loan data, payroll data, and salaries for Formula 5 Capital, Inc
CA

Formula 5 Capital, Inc

Entity: Subchapter S Corporation

Industry: Insurance Agencies and Brokerages

Location: San Diego, CA

Search All PPP Data

Formula 5 Capital, Inc is a subchapter s corporation located at 5465 Morehouse Drive 200 in San Diego, California that received a Coronavirus-related PPP loan from the SBA of $25,262.00 in April, 2020.

The company has reported itself as a White male owned business, and employed at least two people during the applicable loan loan period.

$ PPP Loan Information
Loan #6816567303

Loan Size:

$25,262

Jobs Retained:

2

Loan Approved:

2020-04-30

Loan Status:

Ongoing Loan

Lender:

Cross River Bank

Formula 5 Capital, Inc in San Diego, CA received a Paycheck Protection Loan of $25,262 through Cross River 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.

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, Formula 5 Capital, Inc's 2019 payroll expenses are estimated to be at least $121,258.

Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $60,629 per employee1

Reported PPP Proceed Usage:

On the PPP application, Formula 5 Capital, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $25,262

Business Information - Formula 5 Capital, Inc in San Diego, CA

Formula 5 Capital, Inc
5465 Morehouse Drive 200
San Diego, CA 92121

Business Industry:
Insurance Agencies and Brokerages
NAICS code 524210

Business Owner Demographics

Race: White

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age:

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

San Diego County, CA — SBA Office 0954 — Congressional District: CA-49

Similar Companies near San Diego

In the San Diego area, 70 businesses in the "Insurance Agencies and Brokerages" industry received a PPP loan. These local businesses reported an average of 7 employees (compared to this company's 2) and received an average PPP loan of $86,108 (compared to this company's $25,262).

Industry PPP Comparison Statistics

Nationwide, 149,532 businesses in the "Insurance Agencies and Brokerages" industry received a total of $5.87B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 1% of the total PPP funding allocated.

PPP recipients in this industry report an average of 4 employees, 100% higher than Formula 5 Capital, Inc's reported 2 employees, and received an average PPP loan of $39,254, 55% higher than this company's loan of $25,262.

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.


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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/formula-5-capital-inc-san-diego-ca