PPP Loan Data — Observepoint, Inc, Provo, UT
Observepoint, Inc is a corporation located at 251 West River Park Drive, Ste 300 in Provo, Utah that received a Coronavirus-related PPP loan from the SBA of $1,520,300.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Observepoint, Inc in Provo, UT received a Paycheck Protection Loan of $1.52M through Legacy 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 June, 2021.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
Understanding Payroll Estimates Based On PPP Amount
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, Observepoint, Inc's 2019 payroll expenses are estimated to be at least $7.3M.
Based on their reported 73 jobs retained, this equals an estimated average yearly compensation of $99,965 per employee1
Reported PPP Proceed Usage:
On the PPP application, Observepoint, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,520,300
Business Information - Observepoint, Inc in Provo, UT
251 West River Park Drive, Ste 300
Provo, UT 84604
NAICS code 511210
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Provo
In the Provo area, 11 businesses in the "Software Publishers" industry received a PPP loan. These local businesses reported an average of 16 employees (compared to this company's 73) and received an average PPP loan of $263,653 (compared to this company's $1.52M).
Similar Nearby Businesses Who Received PPP Funding:
Alegra Learning, Inc
Q3 Interactive, LLC
Xion Retail, Inc
Hoggard Technology LLC DBA Sonido Software
Arsenal Mkg, Inc
Gigg Innovation Group Inc
Industry PPP Comparison Statistics
Nationwide, 13,466 businesses in the "Software Publishers" industry received a total of $2.73B 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, 82% lower than Observepoint, Inc's reported 73 employees, and received an average PPP loan of $202,819, 87% lower than this company's loan of $1.52M.
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Footnotes & Information
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