PPP Loan Data — Steel Point Solutions LLC, Calverton, MD
Steel Point Solutions LLC is a limited liability partnership located at 11720 Beltsville Dr Ste 1001 in Calverton, Maryland that received a Coronavirus-related PPP loan from the SBA of $1,608,100.00 in April, 2020.
The company has reported itself as a female owned business, and employed at least 33 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Manufacturers and Traders Trust Company
Steel Point Solutions LLC in Calverton, MD received a Paycheck Protection Loan of $1.61M through Manufacturers and Traders 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 77. 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, Steel Point Solutions LLC's 2019 payroll expenses are estimated to be at least $7.72M (not accounting for salary amounts > $100k).
Because the 33 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, Steel Point Solutions LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,265,216
- Utilities: $8,901
- Rent: $28,801
- Health Care: $256,069
- Debt Interest: $49,113
Business Information - Steel Point Solutions LLC in Calverton, MD
11720 Beltsville Dr Ste 1001
Calverton, MD 20705
Computer Systems Design Services
NAICS code 541512
Business Owner Demographics
Gender: Female Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Calverton
In the Calverton area, 20 businesses in the "Computer Systems Design Services" industry received a PPP loan. These local businesses reported an average of 21 employees (compared to this company's 33) and received an average PPP loan of $425,433 (compared to this company's $1.61M).
Similar Nearby Businesses Who Received PPP Funding:
JD Biggs & Associates Inc
Global Technology Integration, LLC
Narger It Services, Inc
Versa Integrated Solutions
Industry PPP Comparison Statistics
Nationwide, 31,382 businesses in the "Computer Systems Design Services" industry received a total of $4.35B 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, 70% lower than Steel Point Solutions LLC's reported 33 employees, and received an average PPP loan of $138,748, 91% lower than this company's loan of $1.61M.
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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