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PPP Loan Data — Future Technologies LLC,
Cranston, RI
Future Technologies LLC
Entity: Limited Liability Company (LLC)
Industry: All Other Telecommunications
Location: Cranston, RI
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Future Technologies LLC is a limited liability company (LLC) located at 81 Western Industrial Dr Ste D in Cranston, Rhode Island that received a Coronavirus-related PPP loan from the SBA of $495,992.00 in February, 2021.
The company has reported itself as a White male owned business, and employed at least 52 people during the applicable loan loan period.
$ PPP Loan Information Loan #4144568503
Loan Size:
Jobs Retained:
52Loan Approved:
2021-02-25Loan Status:
Ongoing LoanLender:
TD Bank, National AssociationFuture Technologies LLC in Cranston, RI received a Paycheck Protection Loan of $495,992 through TD Bank, National Association, which was approved in February, 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 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, Future Technologies LLC's 2019 payroll expenses are estimated to be at least $2.38M.
Based on their reported 52 jobs retained, this equals an estimated average yearly compensation of $45,784 per employee1
Reported PPP Proceed Usage:
On the PPP application, Future Technologies LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $495,989
- Utilities: $1
Business Information - Future Technologies LLC in Cranston, RI
81 Western Industrial Dr Ste D
Cranston, RI 2921
Business Industry:
All Other Telecommunications
NAICS code 517919
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
Similar Companies near Cranston
In the Cranston area, 5 businesses in the "All Other Telecommunications" industry received a PPP loan. These local businesses reported an average of 24 employees (compared to this company's 52) and received an average PPP loan of $195,254 (compared to this company's $495,992).
Similar Nearby Businesses Who Received PPP Funding:
George Cancel, Inc
Cranston, RI
Gale Force Communications
Cranston, RI
Superior Wireless Inc
Cranston, RI
George Cancel Inc. Tele-Networks
Cranston, RI
Industry PPP Comparison Statistics
Nationwide, 9,092 businesses in the "All Other Telecommunications" industry received a total of $881,181,287.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.
PPP recipients in this industry report an average of 9 employees, 83% lower than Future Technologies LLC's reported 52 employees, and received an average PPP loan of $96,918, 80% lower than this company's loan of $495,992.
Future Technologies LLC
Entity: Limited Liability Company (LLC)
Industry: Communication Equipment Repair and Maintenance
Location: Cranston, RI
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Future Technologies LLC is a limited liability company (LLC) located at 81 Western Industrial Drive in Cranston, Rhode Island that received a Coronavirus-related PPP loan from the SBA of $846,667.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 92 people during the applicable loan loan period.
$ PPP Loan Information Loan #4002237104
Loan Size:
Jobs Retained:
92Loan Approved:
2020-04-12Loan Status:
Ongoing LoanLender:
TD Bank, National AssociationFuture Technologies LLC in Cranston, RI received a Paycheck Protection Loan of $846,667 through TD Bank, National Association, 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 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, Future Technologies LLC's 2019 payroll expenses are estimated to be at least $4.06M.
Based on their reported 92 jobs retained, this equals an estimated average yearly compensation of $44,174 per employee1
Reported PPP Proceed Usage:
On the PPP application, Future Technologies LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $846,667
Business Information - Future Technologies LLC in Cranston, RI
81 Western Industrial Drive
Cranston, RI 2921
Business Industry:
Communication Equipment Repair and Maintenance
NAICS code 811213
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age:
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 1,511 businesses in the "Communication Equipment Repair and Maintenance" industry received a total of $108,031,761.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.
PPP recipients in this industry report an average of 7 employees, 92% lower than Future Technologies LLC's reported 92 employees, and received an average PPP loan of $71,497, 92% lower than this company's loan of $846,667.
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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