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PPP Loan Data — The Finit Group LLC, Cincinnati, OH

SBA PPP loan data, payroll data, and salaries for The Finit Group LLC
OH

The Finit Group LLC

Entity: Limited Liability Company (LLC)

Industry: Custom Computer Programming Services

Location: Cincinnati, OH

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The Finit Group LLC is a limited liability company (LLC) located at 8050 Hosbrook Rd in Cincinnati, Ohio that received a Coronavirus-related PPP loan from the SBA of $2,810,900.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$2.81M
Likely Employment Reduction3

Jobs Retained:

115

Loan Approved:

2020-04-13

Lender:

PNC BANK, NATIONAL ASSOCIATION

The Finit Group LLC received a Paycheck Protection Loan of $2.81M through PNC BANK, NATIONAL ASSOCIATION, which was approved in April, 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 115 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 135.

Based on standard PPP eligibility rules, The Finit Group LLC's total 2019 payroll expenses were approximately $13.49M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.

Because the 115 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.

Because the loan received by The Finit Group LLC is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - The Finit Group LLC in Cincinnati, OH

The Finit Group LLC
8050 Hosbrook Rd
Cincinnati, OH 45236

Business Industry

Custom Computer Programming Services (NAICS code 541511)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: OH-02

Industry PPP Comparison Statistics

Nationwide, 24,641 businesses in the "Custom Computer Programming Services" industry received a total of $4,943,790,485.00 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 11 employees, 90% lower than The Finit Group LLC's reported 115 employees, and received an average PPP loan of $200,633, 93% lower than this company's loan of $2.81M.

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.

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Footnotes & Information

1. 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.

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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Source: www.federalpay.org/paycheck-protection-program/the-finit-group-llc-cincinnati-oh