PPP Loan Data — Headway Employer Services, LLC, Raleigh, NC
Headway Employer Services, LLC is a limited liability company (LLC) located at 3100 Smoketree Ct Suite 900 in Raleigh, North Carolina that received a Coronavirus-related PPP loan from the SBA of $1,777,605.00 in June, 2020.
The company has reported itself as an Asian owned business, and employed at least three people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Celtic Bank Corporation
Headway Employer Services, LLC in Raleigh, NC received a Paycheck Protection Loan of $1.78M through Celtic Bank Corporation, which was approved in June, 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.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 3 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 85. 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, Headway Employer Services, LLC's 2019 payroll expenses are estimated to be at least $8.53M (not accounting for salary amounts > $100k).
Because the 3 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, Headway Employer Services, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,777,605
Business Information - Headway Employer Services, LLC in Raleigh, NC
3100 Smoketree Ct Suite 900
Raleigh, NC 27604
Temporary Help Services
NAICS code 561320
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Raleigh
In the Raleigh area, 3 businesses in the "Temporary Help Services" industry received a PPP loan. These local businesses reported an average of 147 employees (compared to this company's 3) and received an average PPP loan of $1,152,086 (compared to this company's $1.78M).
Similar Nearby Businesses Who Received PPP Funding:
In Demand Services, LLC
Industry PPP Comparison Statistics
Nationwide, 8,994 businesses in the "Temporary Help Services" industry received a total of $3.65B 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 51 employees, 1600% higher than Headway Employer Services, LLC's reported 3 employees, and received an average PPP loan of $405,841, 77% lower than this company's loan of $1.78M.
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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