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PPP Loan Data — People Tech Group Inc, Redmond, WA

SBA PPP loan data, payroll data, and salaries for People Tech Group Inc
WA

People Tech Group Inc

Entity: Corporation

Industry: Custom Computer Programming Services

Location: Redmond, WA

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People Tech Group Inc is a corporation located at 18300 Ne Union Hill Road Suite 210 in Redmond, Washington that received a Coronavirus-related PPP loan from the SBA of $2,146,742.00 in May, 2020.

The company has reported itself as an Asian male owned business, and employed at least 250 people during the applicable loan loan period.

$ PPP Loan Information
Loan #9055557309

Loan Size:

$2.15M

Jobs Retained:

250

Loan Approved:

2020-05-01

Loan Status:

Ongoing Loan

Lender:

JPMorgan Chase Bank, National Association

People Tech Group Inc in Redmond, WA received a Paycheck Protection Loan of $2.15M through JPMorgan Chase Bank, National Association, which was approved in May, 2020.

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, People Tech Group Inc's 2019 payroll expenses are estimated to be at least $10.3M.

Based on their reported 250 jobs retained, this equals an estimated average yearly compensation of $41,217 per employee1

Reported PPP Proceed Usage:

On the PPP application, People Tech Group Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,717,394
  • Utilities: $195,658
  • Rent: $233,690
Because the loan received by People Tech Group 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 - People Tech Group Inc in Redmond, WA

People Tech Group Inc
18300 Ne Union Hill Road Suite 210
Redmond, WA 98052

Business Industry:
Custom Computer Programming Services
NAICS code 541511

Business Owner Demographics

Race: Asian

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

King County, WA — SBA Office 1013 — Congressional District: WA-01

Similar Companies near Redmond

In the Redmond area, 74 businesses in the "Custom Computer Programming Services" industry received a PPP loan. These local businesses reported an average of 17 employees (compared to this company's 250) and received an average PPP loan of $318,324 (compared to this company's $2.15M).

Industry PPP Comparison Statistics

Nationwide, 43,326 businesses in the "Custom Computer Programming Services" industry received a total of $6.67B 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 10 employees, 96% lower than People Tech Group Inc's reported 250 employees, and received an average PPP loan of $153,857, 93% lower than this company's loan of $2.15M.

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/people-tech-group-inc-redmond-wa