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PPP Loan Data — Karma Mobility Inc,
Grapevine, TX
Karma Mobility Inc
Entity: Corporation
Industry: Telecommunications Resellers
Location: Grapevine, TX
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Karma Mobility Inc is a corporation located at 2140 Hall Johnson Rd Ste 102-363 in Grapevine, Texas that received a Coronavirus-related PPP loan from the SBA of $40,201.00 in February, 2021.
The company has reported itself as a male owned business, and employed at least two people during the applicable loan loan period.
$ PPP Loan Information Loan #7133968405
Loan Size:
Jobs Retained:
2Loan Approved:
2021-02-11Loan Status:
Ongoing LoanLender:
Silicon Valley BankKarma Mobility Inc in Grapevine, TX received a Paycheck Protection Loan of $40,201 through Silicon Valley Bank, which was approved in February, 2021.
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.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.
Read MoreUnderstanding Payroll Estimates Based On PPP Amount
Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.
Read MoreBased 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, Karma Mobility Inc's 2019 payroll expenses are estimated to be at least $192,965.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $96,483 per employee1
Reported PPP Proceed Usage:
On the PPP application, Karma Mobility Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $40,201
Business Information - Karma Mobility Inc in Grapevine, TX
2140 Hall Johnson Rd Ste 102-363
Grapevine, TX 76051
Business Industry:
Telecommunications Resellers
NAICS code 517911
Business Owner Demographics
Race: Unreported
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near Grapevine
In the Grapevine area, 5 businesses in the "Telecommunications Resellers" industry received a PPP loan. These local businesses reported an average of 102 employees (compared to this company's 2) and received an average PPP loan of $1,628,296 (compared to this company's $40,201).
Similar Nearby Businesses Who Received PPP Funding:
Amtel, LLC
Grapevine, TX
David Fye
Grapevine, TX
Karma Mobility Inc
Grapevine, TX
Crew Eight Corp
Grapevine, TX
Industry PPP Comparison Statistics
Nationwide, 2,597 businesses in the "Telecommunications Resellers" industry received a total of $434,379,261.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.
PPP recipients in this industry report an average of 15 employees, 650% higher than Karma Mobility Inc's reported 2 employees, and received an average PPP loan of $167,262, 316% higher than this company's loan of $40,201.
Karma Mobility Inc
Entity: Corporation
Industry: Telecommunications Resellers
Location: Grapevine, TX
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•
Search All PPP Data
Karma Mobility Inc is a corporation located at 2140 Hall Johnson Rd, Ste. 102-363 Suite 200 in Grapevine, Texas that received a Coronavirus-related PPP loan from the SBA of $35,574.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least three people during the applicable loan loan period.
$ PPP Loan Information Loan #4861827102
Loan Size:
Jobs Retained:
3Loan Approved:
2020-04-13Loan Status:
Paid in Full or ForgivenLender:
Silicon Valley BankKarma Mobility Inc in Grapevine, TX received a Paycheck Protection Loan of $35,574 through Silicon Valley Bank, which was approved in April, 2020.
This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in March, 2021.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.
Read MoreUnderstanding Payroll Estimates Based On PPP Amount
Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.
Read MoreBased 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, Karma Mobility Inc's 2019 payroll expenses are estimated to be at least $170,755.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $56,918 per employee1
Reported PPP Proceed Usage:
On the PPP application, Karma Mobility Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $35,574
Business Information - Karma Mobility Inc in Grapevine, TX
2140 Hall Johnson Rd, Ste. 102-363 Suite 200
Grapevine, TX 76051
Business Industry:
Telecommunications Resellers
NAICS code 517911
Business Owner Demographics
Race: Unreported
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near Grapevine
In the Grapevine area, 5 businesses in the "Telecommunications Resellers" industry received a PPP loan. These local businesses reported an average of 102 employees (compared to this company's 3) and received an average PPP loan of $1,628,296 (compared to this company's $35,574).
Similar Nearby Businesses Who Received PPP Funding:
Amtel, LLC
Grapevine, TX
David Fye
Grapevine, TX
Karma Mobility Inc
Grapevine, TX
Crew Eight Corp
Grapevine, TX
Industry PPP Comparison Statistics
Nationwide, 2,597 businesses in the "Telecommunications Resellers" industry received a total of $434,379,261.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.
PPP recipients in this industry report an average of 15 employees, 400% higher than Karma Mobility Inc's reported 3 employees, and received an average PPP loan of $167,262, 370% higher than this company's loan of $35,574.
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, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.
Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.
Footnotes & Information
1. Estimations for informational purposes only. 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.
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