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PPP Loan Data — Otterbase, Inc., Grand Rapids, MI

SBA PPP loan data, payroll data, and salaries for Otterbase, Inc.
MI

Otterbase, Inc.

Entity: Subchapter S Corporation

Industry: Employment Placement Agencies

Location: Grand Rapids, MI

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Otterbase, Inc. is a subchapter s corporation located at 555 3 Mile Rd Nw in Grand Rapids, Michigan that received a Coronavirus-related PPP loan from the SBA of $4,012,084.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$4.01M

Jobs Retained:

289

Loan Approved:

2020-04-13

Lender:

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION

Otterbase, Inc. received a Paycheck Protection Loan of $4.01M through JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, which was approved in April, 2020.

Based on standard PPP eligibility rules, Otterbase, Inc.'s total 2019 payroll expenses were approximately $19.26M in order to qualify for the PPP loan amount received.

Based on their reported 289 jobs retained, this equals an estimated average yearly compensation of $66,637 per employee1.

Because the loan received by Otterbase, Inc. is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Otterbase, Inc. in Grand Rapids, MI

Otterbase, Inc.
555 3 Mile Rd Nw
Grand Rapids, MI 49544

Business Industry

Employment Placement Agencies (NAICS code 561311)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: MI-02

Industry PPP Comparison Statistics

Nationwide, 7,294 businesses in the "Employment Placement Agencies" industry received a total of $2,648,453,106.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 1% of the total PPP funding allocated.

PPP recipients in this industry report an average of 38 employees, 87% lower than Otterbase, Inc.'s reported 289 employees, and received an average PPP loan of $363,100, 91% lower than this company's loan of $4.01M.

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.

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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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/otterbase-inc-grand-rapids-mi