PPP Loan Data — Security Innovation, Inc, Wilmington, MA
Security Innovation, Inc is a corporation located at 187 Ballardvale St, Ste A195 in Wilmington, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $2,284,804.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Cambridge Trust Company
Security Innovation, Inc in Wilmington, MA received a Paycheck Protection Loan of $2.28M through Cambridge Trust Company, which was approved in April, 2020.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 110. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
Understanding Payroll Estimates Based On PPP Amount
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, Security Innovation, Inc's 2019 payroll expenses are estimated to be at least $10.97M (not accounting for salary amounts > $100k).
Because the 98 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Reported PPP Proceed Usage:
On the PPP application, Security Innovation, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,284,804
Business Information - Security Innovation, Inc in Wilmington, MA
187 Ballardvale St, Ste A195
Wilmington, MA 1887
Custom Computer Programming Services
NAICS code 541511
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Wilmington
In the Wilmington area, 20 businesses in the "Custom Computer Programming Services" industry received a PPP loan. These local businesses reported an average of 10 employees (compared to this company's 98) and received an average PPP loan of $232,829 (compared to this company's $2.28M).
Similar Nearby Businesses Who Received PPP Funding:
Jim Custom Software
Logan Data Inc
Statewide Communications, Inc
Cimcon Software LLC
Industry PPP Comparison Statistics
Nationwide, 43,326 businesses in the "Custom Computer Programming Services" industry received a total of $6.67B 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, 90% lower than Security Innovation, Inc's reported 98 employees, and received an average PPP loan of $153,857, 93% lower than this company's loan of $2.28M.
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Footnotes & Information
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