PPP Loan Data — People Tech Group Inc, Redmond, WA
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 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.
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, 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
Business Information - People Tech Group Inc in Redmond, WA
18300 Ne Union Hill Road Suite 210
Redmond, WA 98052
Custom Computer Programming Services
NAICS code 541511
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
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).
Similar Nearby Businesses Who Received PPP Funding:
Principal Advantage LLC
Basis Software Inc
Bisoft Consultancy Services LLC
Lenora Systems Inc
Glen Strand Corporation
Plain Concepts Corporation
Cirkled In Inc
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.
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Footnotes & Information
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