PPP Loan Data — Imaginostics Inc, Cambridge, MA
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Imaginostics Inc is a corporation located at 245 Main Street 2nd Floor in Cambridge, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $25,397.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Bank of America, National Association
Imaginostics Inc in Cambridge, MA received a Paycheck Protection Loan of $25,397 through Bank of America, 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 June, 2021.
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, Imaginostics Inc's 2019 payroll expenses are estimated to be at least $121,906.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $40,635 per employee1
Reported PPP Proceed Usage:
On the PPP application, Imaginostics Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,397
Business Information - Imaginostics Inc in Cambridge, MA
245 Main Street 2nd Floor
Cambridge, MA 2142
Other Measuring and Controlling Device Manufacturing
NAICS code 334519
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Cambridge
In the Cambridge area, 3 businesses in the "Other Measuring and Controlling Device Manufacturing" industry received a PPP loan. These local businesses reported an average of 5 employees (compared to this company's 3) and received an average PPP loan of $55,234 (compared to this company's $25,397).
Similar Nearby Businesses Who Received PPP Funding:
Lifecanvas Technologies Inc
Industry PPP Comparison Statistics
Nationwide, 1,070 businesses in the "Other Measuring and Controlling Device Manufacturing" industry received a total of $254.04M 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 17 employees, 467% higher than Imaginostics Inc's reported 3 employees, and received an average PPP loan of $237,417, 835% higher than this company's loan of $25,397.
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Footnotes & Information
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