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PPP Loan Data — LGS Management Group Inc,
Virginia Beach, VA
LGS Management Group Inc
Entity: Corporation
Industry: Engineering Services
Location: Virginia Beach, VA
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LGS Management Group Inc is a corporation located at 2901 S Lynnhaven Rd in Virginia Beach, Virginia that received a Coronavirus-related PPP loan from the SBA of $5,843,900.00 in April, 2020.
$
PPP Loan Information
Loan #5723927104
Loan Size:
Jobs Retained:
461Loan Approved:
2020-04-13Loan Status:
Paid in Full or ForgivenLender:
PNC Bank, National AssociationLGS Management Group Inc in Virginia Beach, VA received a Paycheck Protection Loan of $5.84M through PNC Bank, National Association, 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 July, 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, LGS Management Group Inc's 2019 payroll expenses are estimated to be at least $28.05M.
Based on their reported 461 jobs retained, this equals an estimated average yearly compensation of $60,848 per employee1
Reported PPP Proceed Usage:
On the PPP application, LGS Management Group Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $5,843,900
Business Information - LGS Management Group Inc in Virginia Beach, VA
2901 S Lynnhaven Rd
Virginia Beach, VA 23452
Business Industry:
Engineering Services
NAICS code 541330
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: New Business or 2 years or less
LMI Zone: Y
HUBZone: N
Rural / Urban: Urban
Businesses Using Same Address:
There is one other business that received a PPP loan registered to the same address as LGS Management Group Inc.
Midgett Preti Olansen PC
Offices of Lawyers
Similar Companies near Virginia Beach
In the Virginia Beach area, 31 businesses in the "Engineering Services" industry received a PPP loan. These local businesses reported an average of 47 employees (compared to this company's 461) and received an average PPP loan of $645,331 (compared to this company's $5.84M).
Similar Nearby Businesses Who Received PPP Funding:
Core Services Group, Inc
Virginia Beach, VA
Beach Building Group, Inc
Virginia Beach, VA
Kristopher Stasse
Virginia Beach, VA
Aquarius Engineering PC
Virginia Beach, VA
Gaddy Engineering Services, LLC
Virginia Beach, VA
Kova Global
Virginia Bch, VA
Interspec, LLC
Virginia Beach, VA
Cape Henry Associates Inc
Virginia Beach, VA
Industry PPP Comparison Statistics
Nationwide, 46,579 businesses in the "Engineering Services" industry received a total of $9.17B 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, 97% lower than LGS Management Group Inc's reported 461 employees, and received an average PPP loan of $196,935, 97% lower than this company's loan of $5.84M.
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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