PPP Loan Data — Innovation Specialties, Inc, Culver City, CA
Innovation Specialties, Inc is a subchapter s corporation located at 11869 Teale Street in Culver City, California that received a Coronavirus-related PPP loan from the SBA of $1,881,500.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 201 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:City National Bank
Innovation Specialties, Inc in Culver City, CA received a Paycheck Protection Loan of $1.88M through City National Bank, 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 March, 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, Innovation Specialties, Inc's 2019 payroll expenses are estimated to be at least $9.03M.
Based on their reported 201 jobs retained, this equals an estimated average yearly compensation of $44,931 per employee1
Reported PPP Proceed Usage:
On the PPP application, Innovation Specialties, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,599,275
- Utilities: $94,075
- Rent: $188,150
Business Information - Innovation Specialties, Inc in Culver City, CA
11869 Teale Street
Culver City, CA 90230
Other Services Related to Advertising
NAICS code 541890
Business Owner Demographics
Gender: Male Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Culver City
In the Culver City area, 5 businesses in the "Other Services Related to Advertising" industry received a PPP loan. These local businesses reported an average of 41 employees (compared to this company's 201) and received an average PPP loan of $391,264 (compared to this company's $1.88M).
Similar Nearby Businesses Who Received PPP Funding:
Moving Iron Systems LLC
Culver City, CA
Los Angeles, CA
Culver City, CA
Click & Clear, Inc
Culver City, CA
Industry PPP Comparison Statistics
Nationwide, 12,550 businesses in the "Other Services Related to Advertising" industry received a total of $692.9M 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 5 employees, 98% lower than Innovation Specialties, Inc's reported 201 employees, and received an average PPP loan of $55,211, 97% lower than this company's loan of $1.88M.
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Footnotes & Information
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