PPP Loan Data — Paassoft, Inc, Suwanee, GA
Paassoft, Inc is a corporation located at 445 Longcross Ct in Suwanee, Georgia that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:The Piedmont Bank
Paassoft, Inc in Suwanee, GA received a Paycheck Protection Loan of $25,000 through The Piedmont Bank, which was approved in May, 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 May, 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, Paassoft, Inc's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $60,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Paassoft, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Paassoft, Inc in Suwanee, GA
445 Longcross Ct
Suwanee, GA 30024
Employment Placement Agencies
NAICS code 561311
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Suwanee
In the Suwanee area, 13 businesses in the "Employment Placement Agencies" industry received a PPP loan. These local businesses reported an average of 23 employees (compared to this company's 2) and received an average PPP loan of $241,365 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
AEG Consulting Inc
NBJ Group LLC
Serenity Infotech Inc
Bluecloud Staffing LLC
AG Three Inc
Unlimited Staffing Solutions LLC
SLP School Staffing LLC
Top Staffing Services LLC
Industry PPP Comparison Statistics
Nationwide, 12,601 businesses in the "Employment Placement Agencies" industry received a total of $3.48B 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 35 employees, 1650% higher than Paassoft, Inc's reported 2 employees, and received an average PPP loan of $275,915, 1004% higher than this company's loan of $25,000.
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Footnotes & Information
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