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PPP Loan Data — ICI Services Corporation, Virginia Beach, VA

SBA PPP loan data, payroll data, and salaries for ICI Services Corporation
VA

ICI Services Corporation

Entity: Subchapter S Corporation

Industry: Engineering Services

Location: Virginia Beach, VA

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ICI Services Corporation is a subchapter s corporation located at 500 Viking Dr Ste 400 in Virginia Beach, Virginia that received a Coronavirus-related PPP loan from the SBA of $5,028,800.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$5.03M

Jobs Retained:

325

Loan Approved:

2020-04-14

Lender:

TRUIST BANK D/B/A BRANCH BANKING & TRUST CO

ICI Services Corporation received a Paycheck Protection Loan of $5.03M through TRUIST BANK D/B/A BRANCH BANKING & TRUST CO, which was approved in April, 2020.

Based on standard PPP eligibility rules, ICI Services Corporation's total 2019 payroll expenses were approximately $24.14M in order to qualify for the PPP loan amount received.

Based on their reported 325 jobs retained, this equals an estimated average yearly compensation of $74,272 per employee1.

Because the loan received by ICI Services Corporation 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 - ICI Services Corporation in Virginia Beach, VA

ICI Services Corporation
500 Viking Dr Ste 400
Virginia Beach, VA 23452

Business Industry

Engineering Services (NAICS code 541330)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: VA-02

Similar Companies near Virginia Beach

In the Virginia Beach area, 19 businesses in the "Engineering Services" industry received a PPP loan. These local businesses reported an average of 62 employees (compared to this company's 325) and received an average PPP loan of $939,938 (compared to this company's $5.03M).

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, 96% lower than ICI Services Corporation's reported 325 employees, and received an average PPP loan of $249,856, 95% lower than this company's loan of $5.03M.

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, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) 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/ici-services-corporation-virginia-beach-va