PPP Loan Data — Teoco Corporation, Fairfax, VA
Teoco Corporation is a corporation located at 12150 Monument Dr Ste 400 in Fairfax, Virginia that received a Coronavirus-related PPP loan from the SBA of $6,428,812.00 in May, 2020.
$ PPP Loan Information
Lender:BANK OF AMERICA, NATIONAL ASSOCIATION
Teoco Corporation received a Paycheck Protection Loan of $6.43M through BANK OF AMERICA, NATIONAL ASSOCIATION, which was approved in May, 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 299 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.
2019 Payroll Estimations based On PPP Amount:
Assuming all employees were paid over the $100k eligibility cap, the minimum number of employees this company must have had in 2019 to qualify for the loan range received is 309.
Based on standard PPP eligibility rules, Teoco Corporation's total 2019 payroll expenses were approximately $30.86M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.
Because the 299 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Business Information - Teoco Corporation in Fairfax, VA
12150 Monument Dr Ste 400
Fairfax, VA 22033
Computer Systems Design Services (NAICS code 541512)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: VA-11
Similar Companies near Fairfax
In the Fairfax area, 23 businesses in the "Computer Systems Design Services" industry received a PPP loan. These local businesses reported an average of 29 employees (compared to this company's 299) and received an average PPP loan of $690,911 (compared to this company's $6.43M).
Similar Nearby Businesses Who Received PPP Funding:
Kreative Technologies, LLC
SRI Consulting Inc
ED Powell Consulting LLC
Enterprise Technology Services LLC
Industry PPP Comparison Statistics
Nationwide, 17,994 businesses in the "Computer Systems Design Services" industry received a total of $3,264,251,371.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 10 employees, 97% lower than Teoco Corporation's reported 299 employees, and received an average PPP loan of $181,408, 97% lower than this company's loan of $6.43M.
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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