Ipsoft Incorporated is a subchapter s corporation located at 17 State Street 0.0 in New York, New York that received a Coronavirus-related PPP loan from the SBA of $10,000,000.00 in April, 2020.

$ PPP Loan Information

Loan #7119787102

Ipsoft Incorporated in New York, NY received a Paycheck Protection Loan of $10M through JPMorgan Chase Bank, National Association, 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.

The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 477 jobs reported as retained on the PPP application³. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.

The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 480. 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

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, Ipsoft Incorporated's 2019 payroll expenses are estimated to be at least $48M (not accounting for salary amounts > $100k).

Because the 477 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, Ipsoft Incorporated reported intending to use the proceeds of their PPP loan for the following expenses:

• Payroll: $10,000,000

Business Information - Ipsoft Incorporated in New York, NY

Similar Companies near New York

In the New York area, 18 businesses in the "All Other Telecommunications" industry received a PPP loan. These local businesses reported an average of 46 employees (compared to this company's 477) and received an average PPP loan of $928,929 (compared to this company's $10M).

Industry PPP Comparison Statistics

Nationwide, 10,134 businesses in the "All Other Telecommunications" industry received a total of $909.64M 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 8 employees, 98% lower than Ipsoft Incorporated's reported 477 employees, and received an average PPP loan of $89,761, 99% lower than this company's loan of $10M.