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PPP Loan Data — Reed Integration Inc, Suffolk, VA

ALERT: There are 2 PPP loans for a total of $570,600 in our database for businesses with the name "Reed Integration Inc" in Suffolk, VA. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Reed Integration Inc
VA

Reed Integration Inc

Entity: Corporation

Industry: Engineering Services

Location: Suffolk, VA

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Reed Integration Inc is a corporation located at 7007 Harbour View Blvd Ste 117 in Suffolk, Virginia that received a Coronavirus-related PPP loan from the SBA of $300,800.00 in January, 2021.

$ PPP Loan Information
Loan #5628618310

Loan Size:

$300,800

Jobs Retained:

20

Loan Approved:

2021-01-25

Loan Status:

Ongoing Loan

Lender:

Towne Bank

Reed Integration Inc in Suffolk, VA received a Paycheck Protection Loan of $300,800 through Towne Bank, which was approved in January, 2021.

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.

Read More
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.

Read More

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, Reed Integration Inc's 2019 payroll expenses are estimated to be at least $1.44M.

Based on their reported 20 jobs retained, this equals an estimated average yearly compensation of $72,192 per employee1

Reported PPP Proceed Usage:

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

  • Payroll: $300,795
  • Utilities: $1

Business Information - Reed Integration Inc in Suffolk, VA

Reed Integration Inc
7007 Harbour View Blvd Ste 117
Suffolk, VA 23435

Business Industry:
Engineering Services
NAICS code 541330

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Suffolk City County, VA — SBA Office 0304 — Congressional District: VA-03

Similar Companies near Suffolk

In the Suffolk area, 6 businesses in the "Engineering Services" industry received a PPP loan. These local businesses reported an average of 40 employees (compared to this company's 20) and received an average PPP loan of $791,138 (compared to this company's $300,800).

Industry PPP Comparison Statistics

Nationwide, 47,285 businesses in the "Engineering Services" industry received a total of $9.19B 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 13 employees, 35% lower than Reed Integration Inc's reported 20 employees, and received an average PPP loan of $194,408, 35% lower than this company's loan of $300,800.

SBA PPP loan data, payroll data, and salaries for Reed Integration, Inc
VA

Reed Integration, Inc

Entity: Corporation

Industry: Computer Systems Design Services

Location: Suffolk, VA

Search All PPP Data

Reed Integration, Inc is a corporation located at 7007 Harbour View Blvd Ste 117 in Suffolk, Virginia that received a Coronavirus-related PPP loan from the SBA of $269,800.00 in April, 2020.

$ PPP Loan Information
Loan #2039097104

Loan Size:

$269,800

Jobs Retained:

23

Loan Approved:

2020-04-10

Loan Status:

Ongoing Loan

Lender:

Towne Bank

Reed Integration, Inc in Suffolk, VA received a Paycheck Protection Loan of $269,800 through Towne 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.

Read More
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.

Read More

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, Reed Integration, Inc's 2019 payroll expenses are estimated to be at least $1.3M.

Based on their reported 23 jobs retained, this equals an estimated average yearly compensation of $56,306 per employee1

Reported PPP Proceed Usage:

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

  • Payroll: $269,800

Business Information - Reed Integration, Inc in Suffolk, VA

Reed Integration, Inc
7007 Harbour View Blvd Ste 117
Suffolk, VA 23435

Business Industry:
Computer Systems Design Services
NAICS code 541512

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Suffolk City County, VA — SBA Office 0304 — Congressional District: VA-03

Similar Companies near Suffolk

In the Suffolk area, 4 businesses in the "Computer Systems Design Services" industry received a PPP loan. These local businesses reported an average of 7 employees (compared to this company's 23) and received an average PPP loan of $72,287 (compared to this company's $269,800).

Industry PPP Comparison Statistics

Nationwide, 31,510 businesses in the "Computer Systems Design Services" industry received a total of $4.36B 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, 57% lower than Reed Integration, Inc's reported 23 employees, and received an average PPP loan of $138,455, 49% lower than this company's loan of $269,800.

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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/reed-integration-inc-suffolk-va