PPP Loan Data — Synecticsworld, Inc, West Newton, MA
Synecticsworld, Inc is a corporation located at 16 Crescent Street in West Newton, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Cambridge Savings Bank
Synecticsworld, Inc in West Newton, MA received a Paycheck Protection Loan of $25,000 through Cambridge Savings Bank, which was approved in April, 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, Synecticsworld, Inc's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $30,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Synecticsworld, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Synecticsworld, Inc in West Newton, MA
16 Crescent Street
West Newton, MA 2465
Human Resources Consulting Services
NAICS code 541612
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near West Newton
In the West Newton area, 3 businesses in the "Human Resources Consulting Services" industry received a PPP loan. These local businesses reported an average of 2 employees (compared to this company's 4) and received an average PPP loan of $17,830 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Meyer Partnership MA LLC
West Newton, MA
Industry PPP Comparison Statistics
Nationwide, 10,577 businesses in the "Human Resources Consulting Services" industry received a total of $842.84M 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 7 employees, 75% higher than Synecticsworld, Inc's reported 4 employees, and received an average PPP loan of $79,686, 219% higher than this company's loan of $25,000.
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Footnotes & Information
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