PPP Loan Data — Iridex Corporation, Mountain View, CA
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Iridex Corporation is a corporation located at 1212 Terra Bella Avenue in Mountain View, California that received a Coronavirus-related PPP loan from the SBA of $2,497,199.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Silicon Valley Bank
Iridex Corporation in Mountain View, CA received a Paycheck Protection Loan of $2.5M through Silicon Valley Bank, which was approved in April, 2020.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 120. 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, Iridex Corporation's 2019 payroll expenses are estimated to be at least $11.99M (not accounting for salary amounts > $100k).
Because the 88 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, Iridex Corporation reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,465,177
- Utilities: $32,022
Business Information - Iridex Corporation in Mountain View, CA
1212 Terra Bella Avenue
Mountain View, CA 94043
Electromedical and Electrotherapeutic Apparatus Manufacturing
NAICS code 334510
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Mountain View
In the Mountain View area, 2 businesses in the "Electromedical and Electrotherapeutic Apparatus Manufacturing" industry received a PPP loan. These local businesses reported an average of 128 employees (compared to this company's 88) and received an average PPP loan of $3,273,045 (compared to this company's $2.5M).
Similar Nearby Businesses Who Received PPP Funding:
Mountain View, CA
Industry PPP Comparison Statistics
Nationwide, 1,022 businesses in the "Electromedical and Electrotherapeutic Apparatus Manufacturing" industry received a total of $260.62M 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 18 employees, 80% lower than Iridex Corporation's reported 88 employees, and received an average PPP loan of $255,011, 90% lower than this company's loan of $2.5M.
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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