FederalPay.org
PPP Loan Data — Sectek Inc,
Mclean, VA
Sectek Inc
Entity: Subchapter S Corporation
Industry: All Other Professional, Scientific, and Technical Services
Location: Mclean, VA
Tweet This
•
Search All PPP Data
Sectek Inc is a subchapter s corporation located at 1650 Tysons Blvd in Mclean, Virginia that received a Coronavirus-related PPP loan from the SBA of $7,117,800.00 in May, 2020.
The company has reported itself as an Asian female owned business, and employed at least 500 people during the applicable loan loan period.
$
PPP Loan Information
Loan #1481777410
Loan Size:
Jobs Retained:
500Loan Approved:
2020-05-04Loan Status:
Paid in Full or ForgivenLender:
Newtek Small Business Finance, Inc.Sectek Inc in Mclean, VA received a Paycheck Protection Loan of $7.12M through Newtek Small Business Finance, Inc., which was approved in May, 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 April, 2022.
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 MoreUnderstanding 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 MoreBased 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, Sectek Inc's 2019 payroll expenses are estimated to be at least $34.17M.
Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $68,331 per employee1
Reported PPP Proceed Usage:
On the PPP application, Sectek Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $7,117,800
Business Information - Sectek Inc in Mclean, VA
1650 Tysons Blvd
Mclean, VA 22102
Business Industry:
All Other Professional, Scientific, and Technical Services
NAICS code 541990
Business Owner Demographics
Race: Asian
Ethnicity: Hispanic or Latino
Gender: Female Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Businesses Using Same Address:
There are 2 other businesses that received a PPP loan registered to the same address as Sectek Inc.
Crown Security System Inc
Security Guards and Patrol Services
The J. Diamond Group, Inc
Security Guards and Patrol Services
Similar Companies near Mclean
In the Mclean area, 103 businesses in the "All Other Professional, Scientific, and Technical Services" industry received a PPP loan. These local businesses reported an average of 19 employees (compared to this company's 500) and received an average PPP loan of $339,863 (compared to this company's $7.12M).
Similar Nearby Businesses Who Received PPP Funding:
Technalink, Inc
Tysons Corner, VA
Leap Consulting, Inc
Mclean, VA
Yasmin Ghahramani
Mclean, VA
Hilltop Advisors LLC
Mclean, VA
Optima Consults LLC
Mc Lean, VA
Interspeed Digital Solutions
Mclean, VA
Stratis A. Voutsas
Mc Lean, VA
James A. Simon
Mclean, VA
Arbitria Quum Notitia
Mclean, VA
Industry PPP Comparison Statistics
Nationwide, 128,125 businesses in the "All Other Professional, Scientific, and Technical Services" industry received a total of $7.31B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 5 employees, 99% lower than Sectek Inc's reported 500 employees, and received an average PPP loan of $57,089, 99% lower than this company's loan of $7.12M.
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.
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.
Have FederalPay.org's open data tools been valuable? Consider donating!