PPP Loan Data — Turnkey Taxes, Inc, Pittsburgh, PA
Turnkey Taxes, Inc
Entity: Subchapter S Corporation
Location: Pittsburgh, PATweet This • Search All PPP Data
Turnkey Taxes, Inc is a subchapter s corporation located at 1936 Fifth Avenue Pittsburgh in Pittsburgh, Pennsylvania that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Cross River Bank
Turnkey Taxes, Inc in Pittsburgh, PA received a Paycheck Protection Loan of $25,000 through Cross River Bank, which was approved in April, 2020.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 1. 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
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, Turnkey Taxes, Inc's 2019 payroll expenses are estimated to be at least $120,000 (not accounting for salary amounts > $100k).
Because the 1 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, Turnkey Taxes, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Turnkey Taxes, Inc in Pittsburgh, PA
1936 Fifth Avenue Pittsburgh
Pittsburgh, PA 15219
All Other Professional, Scientific, and Technical Services
NAICS code 541990
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Pittsburgh
In the Pittsburgh area, 19 businesses in the "All Other Professional, Scientific, and Technical Services" industry received a PPP loan. These local businesses reported an average of 9 employees (compared to this company's 1) and received an average PPP loan of $105,152 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Grant-Williams Associates Corporation
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Plummer Slade, Inc
Nice Cuts Barbershop
Ronald F Talarico Attorney At Law
Limoncelli Design LLC
GTM Lender Advisors, LLC
Industry PPP Comparison Statistics
Nationwide, 129,763 businesses in the "All Other Professional, Scientific, and Technical Services" industry received a total of $7.41B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 5 employees, 400% higher than Turnkey Taxes, Inc's reported 1 employees, and received an average PPP loan of $57,091, 128% higher than this company's loan of $25,000.
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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