PPP Loan Data — Freedom Consulting Group Inc, Columbia, MD
Freedom Consulting Group Inc is a subchapter s corporation located at 7061 Columbia Gateway Drive Suite 200 in Columbia, Maryland that received a Coronavirus-related PPP loan from the SBA of $2,374,392.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Manufacturers and Traders Trust Company
Freedom Consulting Group Inc in Columbia, MD received a Paycheck Protection Loan of $2.37M through Manufacturers and Traders Trust Company, which was approved in April, 2020.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 114. 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
Understanding Payroll Estimates Based On PPP Amount
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, Freedom Consulting Group Inc's 2019 payroll expenses are estimated to be at least $11.4M (not accounting for salary amounts > $100k).
Because the 112 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, Freedom Consulting Group Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,983,622
- Utilities: $7,770
- Rent: $178,000
- Health Care: $180,000
- Debt Interest: $25,000
Business Information - Freedom Consulting Group Inc in Columbia, MD
7061 Columbia Gateway Drive Suite 200
Columbia, MD 21046
Custom Computer Programming Services
NAICS code 541511
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Columbia
In the Columbia area, 52 businesses in the "Custom Computer Programming Services" industry received a PPP loan. These local businesses reported an average of 38 employees (compared to this company's 112) and received an average PPP loan of $686,944 (compared to this company's $2.37M).
Similar Nearby Businesses Who Received PPP Funding:
Chiron Technology Services, Inc
Jacs Solutions Inc
Tactical Network Solutions LLC
Pumex Computing, LLC
Synergy Ecp, LLC
Now Technologies Inc
Winning Edge Solutions LLC
Industry PPP Comparison Statistics
Nationwide, 43,326 businesses in the "Custom Computer Programming Services" industry received a total of $6.67B 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, 91% lower than Freedom Consulting Group Inc's reported 112 employees, and received an average PPP loan of $153,857, 94% lower than this company's loan of $2.37M.
FederalPay's PPP Information Policy
Footnotes & Information
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.
Have FederalPay.org's open data tools been valuable? Consider donating!