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PPP Loan Data — Platinum Security, Inc., Los Angeles, CA

SBA PPP loan data, payroll data, and salaries for Platinum Security, Inc.
CA

Platinum Security, Inc.

Entity: Subchapter S Corporation

Industry: Security Guards and Patrol Services

Location: Los Angeles, CA

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Platinum Security, Inc. is a subchapter s corporation located at 11300 West Olympic Blvd in Los Angeles, California that received a Coronavirus-related PPP loan from the SBA of $4,714,662.00 in April, 2020.

The company has reported itself as a male owned business, and employed at least 500 people during the applicable loan loan period.

$ PPP Loan Information

Loan Size:

$4.71M

Jobs Retained:

500

Loan Approved:

2020-04-10

Lender:

CITY NATIONAL BANK

Platinum Security, Inc. received a Paycheck Protection Loan of $4.71M through CITY NATIONAL BANK, which was approved in April, 2020.

Based on standard PPP eligibility rules, Platinum Security, Inc.'s total 2019 payroll expenses were approximately $22.63M in order to qualify for the PPP loan amount received.

Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $45,261 per employee1.

Because the loan received by Platinum Security, 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 - Platinum Security, Inc. in Los Angeles, CA

Platinum Security, Inc.
11300 West Olympic Blvd
Los Angeles, CA 90064

Business Industry

Security Guards and Patrol Services (NAICS code 561612)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: MALE OWNED

Veteran Status: Unreported

Congressional District: CA-37

Similar Companies near Los Angeles

In the Los Angeles area, 3 businesses in the "Security Guards and Patrol Services" industry received a PPP loan. These local businesses reported an average of 180 employees (compared to this company's 500) and received an average PPP loan of $1,625,044 (compared to this company's $4.71M).

Industry PPP Comparison Statistics

Nationwide, 4,165 businesses in the "Security Guards and Patrol Services" industry received a total of $1,003,129,142.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.

PPP recipients in this industry report an average of 36 employees, 93% lower than Platinum Security, Inc.'s reported 500 employees, and received an average PPP loan of $240,847, 95% lower than this company's loan of $4.71M.

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.

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Footnotes & Information

1. 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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/platinum-security-inc-los-angeles-ca