PPP Loan Data — Innovative It Solutions, Inc, Oklahoma City, OK
Innovative It Solutions, Inc
Location: Oklahoma City, OKTweet This • Search All PPP Data
Innovative It Solutions, Inc is a corporation located at 3200 Sw 59th St in Oklahoma City, Oklahoma that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:JPMorgan Chase Bank, National Association
Innovative It Solutions, Inc in Oklahoma City, OK received a Paycheck Protection Loan of $25,000 through JPMorgan Chase Bank, 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 April, 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, Innovative It Solutions, Inc's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $40,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Innovative It Solutions, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $20,000
- Utilities: $1,000
- Rent: $4,000
Business Information - Innovative It Solutions, Inc in Oklahoma City, OK
3200 Sw 59th St
Oklahoma City, OK 73119
Computer and Computer Peripheral Equipment and Software Merchant Wholesalers
NAICS code 423430
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 4,479 businesses in the "Computer and Computer Peripheral Equipment and Software Merchant Wholesalers" industry received a total of $695.57M 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 12 employees, 300% higher than Innovative It Solutions, Inc's reported 3 employees, and received an average PPP loan of $155,296, 521% higher than this company's loan of $25,000.
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Footnotes & Information
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