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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 Size:
Jobs Retained:
461Loan Approved:
2020-04-13Lender:
PNC BANK, NATIONAL ASSOCIATIONLGS Management Group Inc received a Paycheck Protection Loan of $5.84M through PNC BANK, NATIONAL ASSOCIATION, which was approved in April, 2020.
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 0.
Based on standard PPP eligibility rules, LGS Management Group Inc's total 2019 payroll expenses were approximately $28.05M in order to qualify for the PPP loan amount received.
Based on their reported 461 jobs retained, this equals an estimated average yearly compensation of $60,848 per employee1.
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 / Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Congressional District: VA-02Similar Companies near Virginia Beach
In the Virginia Beach area, 19 businesses in the "Engineering Services" industry received a PPP loan. These local businesses reported an average of 62 employees (compared to this company's 461) and received an average PPP loan of $939,938 (compared to this company's $5.84M).
Similar Nearby Businesses Who Received PPP Funding:
Aquarius Engineering, PC
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Atlantic Coast Engineering
Virginia Beach, VA
Tamayo Federal Solutions LLC
Virginia Beach, VA
Hubzone Headquarters, Inc.
Virginia Beach, VA
Gaddy Engineering Services, LLC
Virginia Beach, VA
Michael W Schooley, PE, PC
Virginia Beach, VA
Interspec, LLC
Virginia Beach, VA
G2 Ops, Inc.
Virginia Beach, VA
Industry PPP Comparison Statistics
Nationwide, 28,113 businesses in the "Engineering Services" industry received a total of $7,024,215,141.00 in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 14 employees, 97% lower than LGS Management Group Inc's reported 461 employees, and received an average PPP loan of $249,856, 96% 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. 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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