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PPP Loan Data — Group Management Services, Inc., Richfield, OH

SBA PPP loan data, payroll data, and salaries for Group Management Services, Inc.
OH

Group Management Services, Inc.

Entity: Subchapter S Corporation

Industry: Professional Employer Organizations

Location: Richfield, OH

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Group Management Services, Inc. is a subchapter s corporation located at 3750 Timberlake Drive in Richfield, Ohio that received a Coronavirus-related PPP loan from the SBA of $4,628,896.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$4.63M

Jobs Retained:

274

Loan Approved:

2020-04-10

Lender:

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION

Group Management Services, Inc. in Richfield, OH received a Paycheck Protection Loan of $4.63M through JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, which was approved in April, 2020.

Based on standard PPP eligibility rules, Group Management Services, Inc.'s total 2019 payroll expenses were approximately $22.22M in order to qualify for the PPP loan amount received.

Based on their reported 274 jobs retained, this equals an estimated average yearly compensation of $81,090 per employee1.

Because the loan received by Group Management Services, Inc. is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Group Management Services, Inc. in Richfield, OH

Group Management Services, Inc.
3750 Timberlake Drive
Richfield, OH 44286

Business Industry

Professional Employer Organizations (NAICS code 561330)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: OH-11

Industry PPP Comparison Statistics

Nationwide, 1,298 businesses in the "Professional Employer Organizations" industry received a total of $544,321,819.00 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 38 employees, 86% lower than Group Management Services, Inc.'s reported 274 employees, and received an average PPP loan of $419,354, 91% lower than this company's loan of $4.63M.

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, and is published unmodified, as provided by the SBA.

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Footnotes & Information

1. 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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/group-management-services-inc-richfield-oh