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PPP Loan Data — True North America Inc,
Redwood City, CA
True North America Inc
Entity: Corporation
Industry: Engineering Services
Location: Redwood City, CA
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True North America Inc is a corporation located at 8 Cadiz Cir N/a in Redwood City, California that received a Coronavirus-related PPP loan from the SBA of $31,716.00 in February, 2021.
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PPP Loan Information
Loan #7220168410
Loan Size:
Jobs Retained:
3Loan Approved:
2021-02-11Loan Status:
Ongoing LoanLender:
Customers BankTrue North America Inc in Redwood City, CA received a Paycheck Protection Loan of $31,716 through Customers Bank, which was approved in February, 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.
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 MoreUnderstanding 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 MoreBased 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, True North America Inc's 2019 payroll expenses are estimated to be at least $152,237.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $50,746 per employee1
Reported PPP Proceed Usage:
On the PPP application, True North America Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $31,716
Business Information - True North America Inc in Redwood City, CA
8 Cadiz Cir N/a
Redwood City, CA 94065
Business Industry:
Engineering Services
NAICS code 541330
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: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near Redwood City
In the Redwood City area, 7 businesses in the "Engineering Services" industry received a PPP loan. These local businesses reported an average of 73 employees (compared to this company's 3) and received an average PPP loan of $1,441,025 (compared to this company's $31,716).
Similar Nearby Businesses Who Received PPP Funding:
Professional Land Services
San Bruno, CA
Robert Deckman
San Bruno, CA
HUI Structural Engineering Incorporated
San Bruno, CA
Gareth Baron
Redwood City, CA
BKF Engineers
Redwood City, CA
Industry PPP Comparison Statistics
Nationwide, 46,563 businesses in the "Engineering Services" industry received a total of $9.17B 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, 333% higher than True North America Inc's reported 3 employees, and received an average PPP loan of $196,989, 521% higher than this company's loan of $31,716.
True North America, Inc
Entity: Corporation
Industry: Hotels (except Casino Hotels) and Motels
Location: Redwood City, CA
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True North America, Inc is a corporation located at 8 Cadiz Cir in Redwood City, California that received a Coronavirus-related PPP loan from the SBA of $110,500.00 in May, 2020.
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PPP Loan Information
Loan #2006447705
Loan Size:
Jobs Retained:
4Loan Approved:
2020-05-01Loan Status:
Paid in Full or ForgivenLender:
JPMorgan Chase Bank, National AssociationTrue North America, Inc in Redwood City, CA received a Paycheck Protection Loan of $110,500 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 August, 2021.
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 4 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 5. 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 MoreUnderstanding 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 MoreBased 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, True North America, Inc's 2019 payroll expenses are estimated to be at least $530,400 (not accounting for salary amounts > $100k).
Because the 4 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, True North America, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $110,500
Business Information - True North America, Inc in Redwood City, CA
8 Cadiz Cir
Redwood City, CA 94065
Business Industry:
Hotels (except Casino Hotels) and Motels
NAICS code 721110
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: New Business or 2 years or less
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near Redwood City
In the Redwood City area, 20 businesses in the "Hotels (except Casino Hotels) and Motels" industry received a PPP loan. These local businesses reported an average of 8 employees (compared to this company's 4) and received an average PPP loan of $73,056 (compared to this company's $110,500).
Similar Nearby Businesses Who Received PPP Funding:
Regency Inn San Bruno LLC
San Bruno, CA
Nilam Investments, LLC
San Bruno, CA
Diamond Hospitality, LLC
San Bruno, CA
Rytel Hospitality Group LLC
San Bruno, CA
Diamond Hospitalityllc
San Bruno, CA
Franklin Street Hospitality Investments, Inc
San Bruno, CA
Shri Rajchandra, LLC
San Bruno, CA
VNR LLC
San Bruno, CA
Industry PPP Comparison Statistics
Nationwide, 81,979 businesses in the "Hotels (except Casino Hotels) and Motels" industry received a total of $13.92B 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 23 employees, 475% higher than True North America, Inc's reported 4 employees, and received an average PPP loan of $169,781, 54% higher than this company's loan of $110,500.
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.
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.
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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