Place Services, Inc in Canton, GA - SBA PPP Loan Data (Paycheck Protection Program)

PPP Loan Data — Place Services, Inc, Canton, GA

Place Services, Inc

Entity: Subchapter S Corporation

Industry: Commercial and Institutional Building Construction

Location: Canton, GA

Place Services, Inc is a subchapter s corporation located at 201 Gateway Dr. in Canton, Georgia that received a Coronavirus-related PPP loan from the SBA of $2,865,600.00 in April, 2020.

$ PPP Loan Information Loan #9434707001

Loan Size:

$2.87M

Jobs Retained:

229

Loan Approved:

2020-04-09

Loan Status:

Ongoing Loan

Lender:

ServisFirst Bank

Place Services, Inc in Canton, GA received a Paycheck Protection Loan of $2.87M through ServisFirst Bank, which was approved in April, 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.

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.

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, Place Services, Inc's 2019 payroll expenses are estimated to be at least $13.75M.

Based on their reported 229 jobs retained, this equals an estimated average yearly compensation of $60,065 per employee¹

Reported PPP Proceed Usage:

On the PPP application, Place Services, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $2,782,200
Utilities: $33,600
Mortgage Interest: $13,500
Rent: $36,300

Because the loan received by Place Services, 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 - Place Services, Inc in Canton, GA

Place Services, Inc
201 Gateway Dr.
Canton, GA 30115

Business Industry:
Commercial and Institutional Building Construction
NAICS code 236220

Business Owner Demographics

Race: Unreported

Ethnicity: Not Hispanic or Latino

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: N

Rural / Urban: Urban

Cherokee County, GA — SBA Office 0405 — Congressional District: GA-11

Similar Companies near Canton

In the Canton area, 35 businesses in the "Commercial and Institutional Building Construction" industry received a PPP loan. These local businesses reported an average of 15 employees (compared to this company's 229) and received an average PPP loan of $201,181 (compared to this company's $2.87M).

Similar Nearby Businesses Who Received PPP Funding:

Integra Contracting
Canton, GA

$59,800 PPP Loan

CSC General Contractors, Inc
Canton, GA

$80,400 PPP Loan

Meridian Development And Construction Services Inc
Canton, GA

$161,000 PPP Loan

Foursquare Custom Homes, LLC
Canton, GA

$28,932 PPP Loan

Sports Fields Inc
Canton, GA

$1.03M PPP Loan

Mission Contracting Group In
Canton, GA

$13,700 PPP Loan

Performance Commercial Contractors LLC
Canton, GA

$372,000 PPP Loan

Integra Contracting
Canton, GA

$59,800 PPP Loan

Phillip Smith Contracting Inc
Canton, GA

$788,055 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 65,383 businesses in the "Commercial and Institutional Building Construction" industry received a total of $11,945,874,937.00 in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 2% of the total PPP funding allocated.

PPP recipients in this industry report an average of 14 employees, 94% lower than Place Services, Inc's reported 229 employees, and received an average PPP loan of $182,706, 94% lower than this company's loan of $2.87M.

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.

Search FederalPay's Full PPP Loan Database

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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