PPP Loan Data — The Variis Institute, Ypsilanti, MI
The Variis Institute
Location: Ypsilanti, MITweet This • Search All PPP Data
The Variis Institute is a corporation located at 111 S. Wallace Blvd in Ypsilanti, Michigan that received a Coronavirus-related PPP loan from the SBA of $46,625.00 in May, 2020.
The company has reported itself as a White female owned business, and employed at least four people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:JPMorgan Chase Bank, National Association
The Variis Institute in Ypsilanti, MI received a Paycheck Protection Loan of $46,625 through JPMorgan Chase Bank, National Association, which was approved in May, 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 May, 2021.
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, The Variis Institute's 2019 payroll expenses are estimated to be at least $223,800.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $55,950 per employee1
Reported PPP Proceed Usage:
On the PPP application, The Variis Institute reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $37,543
- Utilities: $1,375
- Rent: $4,457
- Health Care: $3,250
Business Information - The Variis Institute in Ypsilanti, MI
111 S. Wallace Blvd
Ypsilanti, MI 48197
Research and Development in the Social Sciences and Humanities
NAICS code 541720
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Female Owned
Veteran Status: Non-Veteran
Business Age: New Business or 2 years or less
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Ypsilanti
In the Ypsilanti area, 3 businesses in the "Research and Development in the Social Sciences and Humanities" 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 $30,029 (compared to this company's $46,625).
Similar Nearby Businesses Who Received PPP Funding:
Evaluation Strategies LLC
Industry PPP Comparison Statistics
Nationwide, 2,700 businesses in the "Research and Development in the Social Sciences and Humanities" industry received a total of $409.92M 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 13 employees, 225% higher than The Variis Institute's reported 4 employees, and received an average PPP loan of $151,823, 226% higher than this company's loan of $46,625.
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