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PPP Loan Data — Quality Matrix, Westborough, MA

SBA PPP loan data, payroll data, and salaries for Quality Matrix
MA

Quality Matrix

Entity: Sole Proprietorship

Industry: Custom Computer Programming Services

Location: Westborough, MA

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Quality Matrix is a sole proprietorship located at 8 Lyman St #210 in Westborough, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $2,437,596.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$2.44M

Jobs Retained:

120

Loan Approved:

2020-04-10

Lender:

PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION

Quality Matrix in Westborough, MA received a Paycheck Protection Loan of $2.44M through PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION, which was approved in April, 2020.

Based on standard PPP eligibility rules, Quality Matrix's total 2019 payroll expenses were approximately $11.7M in order to qualify for the PPP loan amount received.

Based on their reported 120 jobs retained, this equals an estimated average yearly compensation of $97,504 per employee1.

Because the loan received by Quality Matrix 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 - Quality Matrix in Westborough, MA

Quality Matrix
8 Lyman St #210
Westborough, MA 1581

Business Industry

Custom Computer Programming Services (NAICS code 541511)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: MA-02

Similar Companies near Westborough

In the Westborough area, 15 businesses in the "Custom Computer Programming Services" industry received a PPP loan. These local businesses reported an average of 25 employees (compared to this company's 120) and received an average PPP loan of $513,769 (compared to this company's $2.44M).

Industry PPP Comparison Statistics

Nationwide, 24,641 businesses in the "Custom Computer Programming Services" industry received a total of $4,943,790,485.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 1% of the total PPP funding allocated.

PPP recipients in this industry report an average of 11 employees, 91% lower than Quality Matrix's reported 120 employees, and received an average PPP loan of $200,633, 92% lower than this company's loan of $2.44M.

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, 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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Source: www.federalpay.org/paycheck-protection-program/quality-matrix-westborough-ma