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PPP Loan Data — Michael Fasulo, New York, NY

SBA PPP loan data, payroll data, and salaries for Michael Fasulo
NY

Michael Fasulo

Entity: Partnership

Industry: Architectural Services

Location: New York, NY

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Michael Fasulo is a partnership located at 118 Chambers St Fl 4 in New York, New York that received a Coronavirus-related PPP loan from the SBA of $74,845.00 in April, 2021.

The company has reported itself as a White male owned business, and employed at least six people during the applicable loan loan period.

$ PPP Loan Information
Loan #9654968704

Loan Size:

$74,845

Jobs Retained:

6

Loan Approved:

2021-04-09

Loan Status:

Ongoing Loan

Lender:

TD Bank, National Association

Michael Fasulo in New York, NY received a Paycheck Protection Loan of $74,845 through TD Bank, National Association, which was approved in April, 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 More
Understanding 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 More

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, Michael Fasulo's 2019 payroll expenses are estimated to be at least $359,256.

Based on their reported 6 jobs retained, this equals an estimated average yearly compensation of $59,876 per employee1

Reported PPP Proceed Usage:

On the PPP application, Michael Fasulo reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $74,843
  • Utilities: $1

Business Information - Michael Fasulo in New York, NY

Michael Fasulo
118 Chambers St Fl 4
New York, NY 10007

Business Industry:
Architectural Services
NAICS code 541310

Business Owner Demographics

Race: White

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

New York County, NY — SBA Office 0202 — Congressional District: NY-10

Similar Companies near New York

In the New York area, 75 businesses in the "Architectural Services" industry received a PPP loan. These local businesses reported an average of 12 employees (compared to this company's 6) and received an average PPP loan of $205,841 (compared to this company's $74,845).

Industry PPP Comparison Statistics

Nationwide, 29,037 businesses in the "Architectural Services" industry received a total of $3.76B 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 8 employees, 33% higher than Michael Fasulo's reported 6 employees, and received an average PPP loan of $129,489, 73% higher than this company's loan of $74,845.

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.

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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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Source: www.federalpay.org/paycheck-protection-program/michael-fasulo-new-york-ny