PPP Loan Data — K2 Solutions, Inc, Southern Pines, NC
K2 Solutions, Inc
Location: Southern Pines, NCTweet This • Search All PPP Data
K2 Solutions, Inc is a corporation located at 5735 Us Highway 1 in Southern Pines, North Carolina that received a Coronavirus-related PPP loan from the SBA of $2,290,900.00 in April, 2020.
The company has reported itself as a White male veteran owned business, and employed at least 84 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Gulf Coast Bank and Trust Company
K2 Solutions, Inc in Southern Pines, NC received a Paycheck Protection Loan of $2.29M through Gulf Coast Bank and Trust Company, 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 110. 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, K2 Solutions, Inc's 2019 payroll expenses are estimated to be at least $11M (not accounting for salary amounts > $100k).
Because the 84 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, K2 Solutions, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,718,175
- Utilities: $572,725
Business Information - K2 Solutions, Inc in Southern Pines, NC
5735 Us Highway 1
Southern Pines, NC 28388
Research and Development in the Social Sciences and Humanities
NAICS code 541720
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Southern Pines
In the Southern Pines area, 2 businesses in the "Research and Development in the Social Sciences and Humanities" industry received a PPP loan. These local businesses reported an average of 43 employees (compared to this company's 84) and received an average PPP loan of $1,148,800 (compared to this company's $2.29M).
Similar Nearby Businesses Who Received PPP Funding:
Southern Pines, NC
Industry PPP Comparison Statistics
Nationwide, 2,700 businesses in the "Research and Development in the Social Sciences and Humanities" industry received a total of $409.92M 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 13 employees, 85% lower than K2 Solutions, Inc's reported 84 employees, and received an average PPP loan of $151,823, 93% lower than this company's loan of $2.29M.
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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