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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 #6820827105

Loan Size:

$5.03M

Jobs Retained:

325

Loan Approved:

2020-04-14

Loan Status:

Ongoing Loan

Lender:

Truist Bank d/b/a Branch Banking & Trust Co

ICI Services Corporation in Virginia Beach, VA received a Paycheck Protection Loan of $5.03M through Truist Bank d/b/a Branch Banking & Trust Co, which was approved in April, 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.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

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Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

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, ICI Services Corporation's 2019 payroll expenses are estimated to be at least $24.14M.

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

Reported PPP Proceed Usage:

On the PPP application, ICI Services Corporation reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $5,028,800
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: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: Y

Rural / Urban: Urban

Virginia Beach City County, VA — SBA Office 0304 — Congressional District: VA-02

Similar Companies near Virginia Beach

In the Virginia Beach area, 45 businesses in the "Engineering Services" industry received a PPP loan. These local businesses reported an average of 33 employees (compared to this company's 325) and received an average PPP loan of $441,300 (compared to this company's $5.03M).

Industry PPP Comparison Statistics

Nationwide, 42,689 businesses in the "Engineering Services" industry received a total of $8.99B 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 14 employees, 96% lower than ICI Services Corporation's reported 325 employees, and received an average PPP loan of $210,573, 96% 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. FederalPay does not modify the data and makes no claims regarding its accuracy.

Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. Estimations for informational purposes only. 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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Source: www.federalpay.org/paycheck-protection-program/ici-services-corporation-virginia-beach-va