PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Techmagix Inc, Irving, TX

ALERT: There are 2 PPP loans for a total of $591,221 in our database for businesses with the name "Techmagix Inc" in Irving, TX. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Techmagix Inc
TX

Techmagix Inc

Entity: Subchapter S Corporation

Industry: Custom Computer Programming Services

Location: Irving, TX

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Techmagix Inc is a subchapter s corporation located at 1300 W Walnut Hill Ln Ste 150 in Irving, Texas that received a Coronavirus-related PPP loan from the SBA of $295,621.00 in March, 2021.

$ PPP Loan Information
Loan #1636428706

Loan Size:

$295,621

Jobs Retained:

14

Loan Approved:

2021-03-27

Loan Status:

Ongoing Loan

Lender:

Great Plains National Bank
Likely Employment Reduction3

Techmagix Inc in Irving, TX received a Paycheck Protection Loan of $295,621 through Great Plains National Bank, which was approved in March, 2021.

This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.

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 14 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 14. 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

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

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, Techmagix Inc's 2019 payroll expenses are estimated to be at least $1.42M (not accounting for salary amounts > $100k).

Because the 14 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, Techmagix Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $295,619
  • Utilities: $1

Business Information - Techmagix Inc in Irving, TX

Techmagix Inc
1300 W Walnut Hill Ln Ste 150
Irving, TX 75038

Business Industry:
Custom Computer Programming Services
NAICS code 541511

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: N

Rural / Urban: Urban

Dallas County, TX — SBA Office 0610 — Congressional District: TX-24

Similar Companies near Irving

In the Irving area, 125 businesses in the "Custom Computer Programming Services" industry received a PPP loan. These local businesses reported an average of 29 employees (compared to this company's 14) and received an average PPP loan of $498,713 (compared to this company's $295,621).

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, 29% lower than Techmagix Inc's reported 14 employees, and received an average PPP loan of $153,857, 48% lower than this company's loan of $295,621.

SBA PPP loan data, payroll data, and salaries for Techmagix Inc
TX

Techmagix Inc

Entity: Subchapter S Corporation

Industry: Custom Computer Programming Services

Location: Irving, TX

Search All PPP Data

Techmagix Inc is a subchapter s corporation located at 1300 Walnut Hill Ln 159 in Irving, Texas that received a Coronavirus-related PPP loan from the SBA of $295,600.00 in April, 2020.

$ PPP Loan Information
Loan #4465837310

Loan Size:

$295,600

Jobs Retained:

15

Loan Approved:

2020-04-29

Loan Status:

Paid in Full or Forgiven

Lender:

Great Plains National Bank

Techmagix Inc in Irving, TX received a Paycheck Protection Loan of $295,600 through Great Plains National 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.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

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, Techmagix Inc's 2019 payroll expenses are estimated to be at least $1.42M.

Based on their reported 15 jobs retained, this equals an estimated average yearly compensation of $94,592 per employee1

Reported PPP Proceed Usage:

On the PPP application, Techmagix Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $295,600

Business Information - Techmagix Inc in Irving, TX

Techmagix Inc
1300 Walnut Hill Ln 159
Irving, TX 75038

Business Industry:
Custom Computer Programming Services
NAICS code 541511

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age:

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Dallas County, TX — SBA Office 0610 — Congressional District: TX-24

Similar Companies near Irving

In the Irving area, 125 businesses in the "Custom Computer Programming Services" industry received a PPP loan. These local businesses reported an average of 29 employees (compared to this company's 15) and received an average PPP loan of $498,713 (compared to this company's $295,600).

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, 33% lower than Techmagix Inc's reported 15 employees, and received an average PPP loan of $153,857, 48% lower than this company's loan of $295,600.

FederalPay's PPP Information Policy

Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.

All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.

Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. Estimations for informational purposes only. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.

2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.


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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/techmagix-inc-irving-tx