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PPP Loan Data — Fusco Personnel Inc,
Albany, NY
Fusco Personnel Inc
Entity: Corporation
Industry: Human Resources Consulting Services
Location: Albany, NY
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Fusco Personnel Inc is a corporation located at 4 Executive Park Dr in Albany, New York that received a Coronavirus-related PPP loan from the SBA of $580,797.00 in January, 2021.
The company has reported itself as a female owned business, and employed at least 22 people during the applicable loan loan period.
$
PPP Loan Information
Loan #9418688309
Loan Size:
Jobs Retained:
22Loan Approved:
2021-01-30Loan Status:
Paid in Full or ForgivenLender:
State Empl FCUFusco Personnel Inc in Albany, NY received a Paycheck Protection Loan of $580,797 through State Empl FCU, 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 22 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 28. 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 MoreUnderstanding 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 MoreBased 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, Fusco Personnel Inc's 2019 payroll expenses are estimated to be at least $2.79M (not accounting for salary amounts > $100k).
Because the 22 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, Fusco Personnel Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $580,793
- Utilities: $1
Business Information - Fusco Personnel Inc in Albany, NY
4 Executive Park Dr
Albany, NY 12203
Business Industry:
Human Resources Consulting Services
NAICS code 541612
Business Owner Demographics
Race: Unreported
Ethnicity: Not Hispanic or Latino
Gender: Female Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Businesses Using Same Address:
There are 9 other businesses that received a PPP loan registered to the same address as Fusco Personnel Inc.
James M Demasi
Offices of All Other Miscellaneous Health Practitioners
Becky Ianniello Insurance Agency, Inc
Insurance Agencies and Brokerages
Dr Robert A Cummings DMD PC
Offices of Dentists
Eckardt Johanning MD PC
Offices of Physicians (except Mental Health Specialists)
Subrata Mukherjee
Offices of Dentists
James Demasi
Offices of All Other Miscellaneous Health Practitioners
Grossmand & Grossman LLP
Offices of Certified Public Accountants
Keith Aibel
Offices of Dentists
Cheryl L. Sorbero DDS PC
Offices of Dentists
Similar Companies near Albany
In the Albany area, 2 businesses in the "Human Resources Consulting Services" industry received a PPP loan. These local businesses reported an average of 12 employees (compared to this company's 22) and received an average PPP loan of $293,352 (compared to this company's $580,797).
Similar Nearby Businesses Who Received PPP Funding:
AHR Associates
Albany, NY
Industry PPP Comparison Statistics
Nationwide, 10,231 businesses in the "Human Resources Consulting Services" industry received a total of $836.03M 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 7 employees, 68% lower than Fusco Personnel Inc's reported 22 employees, and received an average PPP loan of $81,715, 86% lower than this company's loan of $580,797.
Fusco Personnel, Inc
Entity: Corporation
Industry: Employment Placement Agencies
Location: Albany, NY
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Fusco Personnel, Inc is a corporation located at 4 Executive Park Drive in Albany, New York that received a Coronavirus-related PPP loan from the SBA of $599,690.00 in April, 2020.
The company has reported itself as a White female owned business, and employed at least 53 people during the applicable loan loan period.
$
PPP Loan Information
Loan #6208487005
Loan Size:
Jobs Retained:
53Loan Approved:
2020-04-06Loan Status:
Paid in Full or ForgivenLender:
State Empl FCUFusco Personnel, Inc in Albany, NY received a Paycheck Protection Loan of $599,690 through State Empl FCU, 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 December, 2020.
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 MoreUnderstanding 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 MoreBased 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, Fusco Personnel, Inc's 2019 payroll expenses are estimated to be at least $2.88M.
Based on their reported 53 jobs retained, this equals an estimated average yearly compensation of $54,312 per employee1
Reported PPP Proceed Usage:
On the PPP application, Fusco Personnel, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $599,690
Business Information - Fusco Personnel, Inc in Albany, NY
4 Executive Park Drive
Albany, NY 12203
Business Industry:
Employment Placement Agencies
NAICS code 561311
Business Owner Demographics
Race: White
Ethnicity: Unreported
Gender: Female Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Businesses Using Same Address:
There are 4 other businesses that received a PPP loan registered to the same address as Fusco Personnel, Inc.
Subrata Mukherjee
Offices of Dentists
Northeast Wealth Management, LLC
Tax Preparation Services
Albany Plastic Surgeons
Offices of Physicians (except Mental Health Specialists)
Keith M Aibel, DMD, PLLC
Offices of Dentists
Similar Companies near Albany
In the Albany area, 2 businesses in the "Employment Placement Agencies" industry received a PPP loan. These local businesses reported an average of 87 employees (compared to this company's 53) and received an average PPP loan of $1,825,845 (compared to this company's $599,690).
Similar Nearby Businesses Who Received PPP Funding:
Knowledge Builders, Inc
Albany, NY
Industry PPP Comparison Statistics
Nationwide, 12,514 businesses in the "Employment Placement Agencies" industry received a total of $3.47B 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 35 employees, 34% lower than Fusco Personnel, Inc's reported 53 employees, and received an average PPP loan of $277,549, 54% lower than this company's loan of $599,690.
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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