PPP Loan Data — Government Systems Technologies Inc, Hackensack, NJ
Government Systems Technologies Inc is a corporation located at 130 Overlook Ave # 70 in Hackensack, New Jersey that received a Coronavirus-related PPP loan from the SBA of $1,734,547.00 in May, 2020.
The company has reported itself as an Asian female owned business, and employed at least 83 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Bank of America, National Association
Government Systems Technologies Inc in Hackensack, NJ received a Paycheck Protection Loan of $1.73M through Bank of America, National Association, which was approved in May, 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 May, 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 83 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 83. 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, Government Systems Technologies Inc's 2019 payroll expenses are estimated to be at least $8.33M (not accounting for salary amounts > $100k).
Because the 83 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, Government Systems Technologies Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,734,547
Business Information - Government Systems Technologies Inc in Hackensack, NJ
130 Overlook Ave # 70
Hackensack, NJ 7601
Marketing Research and Public Opinion Polling
NAICS code 541910
Business Owner Demographics
Gender: Female Owned
Veteran Status: Non-Veteran
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Hackensack
In the Hackensack area, 5 businesses in the "Marketing Research and Public Opinion Polling" industry received a PPP loan. These local businesses reported an average of 23 employees (compared to this company's 83) and received an average PPP loan of $424,728 (compared to this company's $1.73M).
Similar Nearby Businesses Who Received PPP Funding:
VS Research LLC
Focus Room & Field Service Of NJ Inc
Clear Marketing Corp
Industry PPP Comparison Statistics
Nationwide, 5,335 businesses in the "Marketing Research and Public Opinion Polling" industry received a total of $534.34M 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 9 employees, 89% lower than Government Systems Technologies Inc's reported 83 employees, and received an average PPP loan of $100,157, 94% lower than this company's loan of $1.73M.
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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