PPP Loan Data — Pharos Systems International, Inc, West Henrietta, NY
Pharos Systems International, Inc is a corporation located at 4545 West River Road Suite 210 in West Henrietta, New York that received a Coronavirus-related PPP loan from the SBA of $1,826,600.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Genesee Regional Bank
Pharos Systems International, Inc in West Henrietta, NY received a Paycheck Protection Loan of $1.83M through Genesee Regional 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 December, 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, Pharos Systems International, Inc's 2019 payroll expenses are estimated to be at least $8.77M.
Based on their reported 104 jobs retained, this equals an estimated average yearly compensation of $84,305 per employee1
Reported PPP Proceed Usage:
On the PPP application, Pharos Systems International, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,826,600
Business Information - Pharos Systems International, Inc in West Henrietta, NY
4545 West River Road Suite 210
West Henrietta, NY 14586
Custom Computer Programming Services
NAICS code 541511
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near West Henrietta
In the West Henrietta area, 2 businesses in the "Custom Computer Programming Services" industry received a PPP loan. These local businesses reported an average of 53 employees (compared to this company's 104) and received an average PPP loan of $923,686 (compared to this company's $1.83M).
Similar Nearby Businesses Who Received PPP Funding:
West Henrietta, NY
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, 90% lower than Pharos Systems International, Inc's reported 104 employees, and received an average PPP loan of $153,857, 92% lower than this company's loan of $1.83M.
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Footnotes & Information
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