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PPP Loan Data — Itech Us Inc,
South Burlington, VT
Itech Us Inc
Entity: Subchapter S Corporation
Industry: Computer Systems Design Services
Location: South Burlington, VT
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Itech Us Inc is a subchapter s corporation located at 20 Kimball Ave Ste 303n in South Burlington, Vermont that received a Coronavirus-related PPP loan from the SBA of $5,422,600.00 in April, 2020.
$ PPP Loan Information
Loan Size:
Jobs Retained:
260Loan Approved:
2020-04-08Lender:
FIRST UNITED BANK AND TRUST COMPANYItech Us Inc in South Burlington, VT received a Paycheck Protection Loan of $5.42M through FIRST UNITED BANK AND TRUST COMPANY, which was approved in April, 2020.
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 260 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.
2019 Payroll Estimations based On PPP Amount:
Assuming all employees were paid over the $100k eligibility cap, the minimum number of employees this company must have had in 2019 to qualify for the loan range received is 260.
Based on standard PPP eligibility rules, Itech Us Inc's total 2019 payroll expenses were approximately $26.03M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.
Because the 260 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Business Information - Itech Us Inc in South Burlington, VT
20 Kimball Ave Ste 303n
South Burlington, VT 5403
Business Industry
Computer Systems Design Services (NAICS code 541512)
Business Owner Demographics
Race / Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Congressional District: VT-Similar Companies near South Burlington
In the South Burlington area, 9 businesses in the "Computer Systems Design Services" industry received a PPP loan. These local businesses reported an average of 51 employees (compared to this company's 260) and received an average PPP loan of $967,327 (compared to this company's $5.42M).
Similar Nearby Businesses Who Received PPP Funding:
Network Performance, Inc.
South Burlington, VT
Logic Supply, Inc.
South Burlington, VT
Simple Route LLC
South Burlington, VT
Synchronicity Web Designs, LLC
South Burlington, VT
The Tech Group, Inc DBA Computer Services Of Vermont
South Burlington, VT
Waterbury Center LLC
South Burlington, VT
Viscc LLC
South Burlington, VT
Aerie Consulting, LLC
Winooski, VT
Industry PPP Comparison Statistics
Nationwide, 17,994 businesses in the "Computer Systems Design Services" industry received a total of $3,264,251,371.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 10 employees, 96% lower than Itech Us Inc's reported 260 employees, and received an average PPP loan of $181,408, 97% lower than this company's loan of $5.42M.
FederalPay's PPP Information Policy
Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan. All information displayed on this page is publicly available information under PPP loan guidelines, and is published unmodified, as provided by the SBA.
Footnotes & Information
1. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.
2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.
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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