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PPP Loan Data — Kore1 LLC,
Irvine, CA
Kore1 LLC
Entity: Limited Liability Company (LLC)
Industry: Professional Employer Organizations
Location: Irvine, CA
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Kore1 LLC is a limited liability company (LLC) located at 530 Technology Dr Ste 150 in Irvine, California that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in January, 2021.
The company has reported itself as a male owned business, and employed at least 245 people during the applicable loan loan period.
$
PPP Loan Information
Loan #9471728307
Loan Size:
Jobs Retained:
245Loan Approved:
2021-01-30Loan Status:
Paid in Full or ForgivenLender:
CommerceWest BankKore1 LLC in Irvine, CA received a Paycheck Protection Loan of $2M through CommerceWest Bank, which was approved in January, 2021.
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 January, 2022.
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, Kore1 LLC's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 245 jobs retained, this equals an estimated average yearly compensation of $39,184 per employee1
Reported PPP Proceed Usage:
On the PPP application, Kore1 LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,999
Business Information - Kore1 LLC in Irvine, CA
530 Technology Dr Ste 150
Irvine, CA 92618
Business Industry:
Professional Employer Organizations
NAICS code 561330
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
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 Irvine
In the Irvine area, 3 businesses in the "Professional Employer Organizations" industry received a PPP loan. These local businesses reported an average of 100 employees (compared to this company's 245) and received an average PPP loan of $748,205 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
PDC Advantage Inc
Irvine, CA
HAN Medical Services
Irvine, CA
Industry PPP Comparison Statistics
Nationwide, 2,896 businesses in the "Professional Employer Organizations" industry received a total of $731.98M 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 27 employees, 89% lower than Kore1 LLC's reported 245 employees, and received an average PPP loan of $252,754, 87% lower than this company's loan of $2M.
Kore1, LLC
Entity: Limited Liability Company (LLC)
Industry: Employment Placement Agencies
Location: Irvine, CA
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Kore1, LLC is a limited liability company (LLC) located at 530 Technology Dr. 150 in Irvine, California that received a Coronavirus-related PPP loan from the SBA of $5,760,600.00 in April, 2020.
$
PPP Loan Information
Loan #7356347005
Loan Size:
Jobs Retained:
283Loan Approved:
2020-04-07Loan Status:
Paid in Full or ForgivenLender:
CommerceWest BankKore1, LLC in Irvine, CA received a Paycheck Protection Loan of $5.76M through CommerceWest 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 September, 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, Kore1, LLC's 2019 payroll expenses are estimated to be at least $27.65M.
Based on their reported 283 jobs retained, this equals an estimated average yearly compensation of $97,706 per employee1
Reported PPP Proceed Usage:
On the PPP application, Kore1, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $5,760,600
Business Information - Kore1, LLC in Irvine, CA
530 Technology Dr. 150
Irvine, CA 92618
Business Industry:
Employment Placement Agencies
NAICS code 561311
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near Irvine
In the Irvine area, 8 businesses in the "Employment Placement Agencies" industry received a PPP loan. These local businesses reported an average of 45 employees (compared to this company's 283) and received an average PPP loan of $835,740 (compared to this company's $5.76M).
Similar Nearby Businesses Who Received PPP Funding:
Blaise Group International Inc
Irvine, CA
Teknavigators LLC
Irvine, CA
Springshine Consulting, Inc
Irvine, CA
Triup Inc
Irvine, CA
CV Resources Inc
Irvine, CA
Wurknow Inc
Irvine, CA
It Model Management
Irvine, CA
Industry PPP Comparison Statistics
Nationwide, 12,514 businesses in the "Employment Placement Agencies" industry received a total of $3.47B 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 35 employees, 88% lower than Kore1, LLC's reported 283 employees, and received an average PPP loan of $277,517, 95% lower than this company's loan of $5.76M.
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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