PPP Loan Data — Gravity Payments, Inc, Seattle, WA
Gravity Payments, Inc is a corporation located at 5601 22nd Ave Nw, Suite 200 in Seattle, Washington that received a Coronavirus-related PPP loan from the SBA of $4,603,500.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:MUFG Union Bank, National Association
Gravity Payments, Inc in Seattle, WA received a Paycheck Protection Loan of $4.6M through MUFG Union Bank, National Association, 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 July, 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 197 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 221. 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, Gravity Payments, Inc's 2019 payroll expenses are estimated to be at least $22.1M (not accounting for salary amounts > $100k).
Because the 197 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, Gravity Payments, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $4,603,500
Business Information - Gravity Payments, Inc in Seattle, WA
5601 22nd Ave Nw, Suite 200
Seattle, WA 98107
NAICS code 813920
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Seattle
In the Seattle area, 4 businesses in the "Professional Organizations" industry received a PPP loan. These local businesses reported an average of 54 employees (compared to this company's 197) and received an average PPP loan of $1,225,803 (compared to this company's $4.6M).
Similar Nearby Businesses Who Received PPP Funding:
Washington State Dental Association
Ballard Chamber Of Commerce
Fitness 19 Wa 264 LLC
Industry PPP Comparison Statistics
Nationwide, 9,453 businesses in the "Professional Organizations" industry received a total of $902.32M 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 8 employees, 96% lower than Gravity Payments, Inc's reported 197 employees, and received an average PPP loan of $95,453, 98% lower than this company's loan of $4.6M.
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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