PPP Loan Data — Space Ground System Solutions, Inc, Colorado Springs, CO
Space Ground System Solutions, Inc is a corporation located at 559 East Pikes Peak Ave Suite 300 in Colorado Springs, Colorado that received a Coronavirus-related PPP loan from the SBA of $2,325,622.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:First Western Trust Bank
Space Ground System Solutions, Inc in Colorado Springs, CO received a Paycheck Protection Loan of $2.33M through First Western Trust Bank, which was approved in April, 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 December, 2020.The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 98 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 112. 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, Space Ground System Solutions, Inc's 2019 payroll expenses are estimated to be at least $11.16M (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, Space Ground System Solutions, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,325,622
Business Information - Space Ground System Solutions, Inc in Colorado Springs, CO
559 East Pikes Peak Ave Suite 300
Colorado Springs, CO 80903
NAICS code 517410
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 1,201 businesses in the "Satellite Telecommunications" industry received a total of $78.84M 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 6 employees, 94% lower than Space Ground System Solutions, Inc's reported 98 employees, and received an average PPP loan of $65,642, 97% lower than this company's loan of $2.33M.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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