PPP Loan Data — Update, Inc, Falls Church, VA

Update, Inc

Entity: Corporation

Industry: Temporary Help Services

Location: Falls Church, VA

Update, Inc is a corporation located at 6400 Arlington Boulevard Suite 750 in Falls Church, Virginia that received a Coronavirus-related PPP loan from the SBA of $3,519,400.00 in April, 2020.

$ PPP Loan Information
Loan #1419107102

Loan Size:

$3.52M

Jobs Retained:

261

Loan Approved:

2020-04-10

Loan Status:

Paid in Full or Forgiven

Lender:

United Bank

Update, Inc in Falls Church, VA received a Paycheck Protection Loan of $3.52M through United Bank, which was approved in April, 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 July, 2021.

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.

Understanding 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.

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, Update, Inc's 2019 payroll expenses are estimated to be at least $16.89M.

Based on their reported 261 jobs retained, this equals an estimated average yearly compensation of $64,725 per employee¹

Reported PPP Proceed Usage:

On the PPP application, Update, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $3,519,400

Because the loan received by Update, Inc 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 - Update, Inc in Falls Church, VA

Update, Inc
6400 Arlington Boulevard Suite 750
Falls Church, VA 22042

Business Industry:
Temporary Help Services
NAICS code 561320

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

Fairfax County, VA — SBA Office 0353 — Congressional District: VA-08

Businesses Using Same Address:

There is one other business that received a PPP loan registered to the same address as Update, Inc.

Driven, Inc
Other Computer Related Services

$2.44M PPP Loan

Similar Companies near Falls Church

In the Falls Church area, 7 businesses in the "Temporary Help Services" industry received a PPP loan. These local businesses reported an average of 105 employees (compared to this company's 261) and received an average PPP loan of $907,763 (compared to this company's $3.52M).

Similar Nearby Businesses Who Received PPP Funding:

Northern Virginia Temporaries, Inc
Falls Church, VA

$1.22M PPP Loan

S4D Enterprises LLC
Falls Church, VA

$16,700 PPP Loan

Citystaff, Inc
Falls Church, VA

$51,700 PPP Loan

OAR Staffing Inc
Falls Church, VA

$151,200 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 8,901 businesses in the "Temporary Help Services" industry received a total of $3.65B 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 51 employees, 80% lower than Update, Inc's reported 261 employees, and received an average PPP loan of $409,639, 88% lower than this company's loan of $3.52M.

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.

Search FederalPay's Full PPP Loan Database

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.

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