PPP Loan Data — Intuity Medical, Inc, Fremont, CA
Intuity Medical, Inc is a corporation located at 3500 West Warren Avenue in Fremont, California that received a Coronavirus-related PPP loan from the SBA of $1,965,000.00 in June, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Silicon Valley Bank
Intuity Medical, Inc in Fremont, CA received a Paycheck Protection Loan of $1.97M through Silicon Valley Bank, which was approved in June, 2020.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 94. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
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, Intuity Medical, Inc's 2019 payroll expenses are estimated to be at least $9.43M (not accounting for salary amounts > $100k).
Because the 94 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Reported PPP Proceed Usage:
On the PPP application, Intuity Medical, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,965,000
Business Information - Intuity Medical, Inc in Fremont, CA
3500 West Warren Avenue
Fremont, CA 94538
In-Vitro Diagnostic Substance Manufacturing
NAICS code 325413
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Fremont
In the Fremont area, 2 businesses in the "In-Vitro Diagnostic Substance Manufacturing" industry received a PPP loan. These local businesses reported an average of 49 employees (compared to this company's 94) and received an average PPP loan of $993,496 (compared to this company's $1.97M).
Similar Nearby Businesses Who Received PPP Funding:
Biometerplus USA Inc
Industry PPP Comparison Statistics
Nationwide, 131 businesses in the "In-Vitro Diagnostic Substance Manufacturing" industry received a total of $41.07M 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 21 employees, 78% lower than Intuity Medical, Inc's reported 94 employees, and received an average PPP loan of $313,522, 84% lower than this company's loan of $1.97M.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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