PPP Loan Data — Stringcastle Software Corp, Apex, NC
Stringcastle Software Corp is a corporation located at 2418 Canoe Creek Ln in Apex, North Carolina that received a Coronavirus-related PPP loan from the SBA of $24,935.00 in May, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Bank of America, National Association
Stringcastle Software Corp in Apex, NC received a Paycheck Protection Loan of $24,935 through Bank of America, National Association, which was approved in May, 2020.
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, Stringcastle Software Corp's 2019 payroll expenses are estimated to be at least $119,688.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $59,844 per employee1
Reported PPP Proceed Usage:
On the PPP application, Stringcastle Software Corp reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,935
Business Information - Stringcastle Software Corp in Apex, NC
2418 Canoe Creek Ln
Apex, NC 27523
Custom Computer Programming Services
NAICS code 541511
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Apex
In the Apex area, 5 businesses in the "Custom Computer Programming Services" industry received a PPP loan. These local businesses reported an average of 2 employees (compared to this company's 2) and received an average PPP loan of $35,734 (compared to this company's $24,935).
Similar Nearby Businesses Who Received PPP Funding:
Code Refinery, 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, 400% higher than Stringcastle Software Corp's reported 2 employees, and received an average PPP loan of $153,857, 517% higher than this company's loan of $24,935.
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Footnotes & Information
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