PPP Loan Data — Genesis Engineering Solutions, Inc., Lanham, MD
Genesis Engineering Solutions, Inc. is a subchapter s corporation located at 4501 Boston Wat in Lanham, Maryland that received a Coronavirus-related PPP loan from the SBA of $2,635,623.00 in April, 2020.
The company has reported itself as a Black or african american male owned business, and employed at least 122 people during the applicable loan loan period.
$ PPP Loan Information
Lender:SANDY SPRING BANK
Genesis Engineering Solutions, Inc. in Lanham, MD received a Paycheck Protection Loan of $2.64M through SANDY SPRING BANK, which was approved in April, 2020.
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 122 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.
2019 Payroll Estimations based On PPP Amount:
Assuming all employees were paid over the $100k eligibility cap, the minimum number of employees this company must have had in 2019 to qualify for the loan range received is 127.
Based on standard PPP eligibility rules, Genesis Engineering Solutions, Inc.'s total 2019 payroll expenses were approximately $12.65M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.
Because the 122 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Business Information - Genesis Engineering Solutions, Inc. in Lanham, MD
4501 Boston Wat
Lanham, MD 20706
Engineering Services (NAICS code 541330)
Business Owner Demographics
Race / Ethnicity: BLACK OR AFRICAN AMERICAN
Gender: MALE OWNED
Veteran Status: NON-VETERANCongressional District: MD-05
Similar Companies near Lanham
In the Lanham area, 24 businesses in the "Engineering Services" industry received a PPP loan. These local businesses reported an average of 18 employees (compared to this company's 122) and received an average PPP loan of $345,318 (compared to this company's $2.64M).
Similar Nearby Businesses Who Received PPP Funding:
Direct Power Technologies, Inc
Bota Consulting Engineers, Inc.
Intelligence Technologies & Solutions Inc.
AB Consultants, Inc
Joyce Engineering Corp
Innovital Systems Inc
MA + Associates LLC
Industry PPP Comparison Statistics
Nationwide, 28,113 businesses in the "Engineering Services" industry received a total of $7,024,215,141.00 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 14 employees, 89% lower than Genesis Engineering Solutions, Inc.'s reported 122 employees, and received an average PPP loan of $249,856, 91% lower than this company's loan of $2.64M.
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.
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