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PPP Loan Data — Update, Inc.,
Falls Church, VA
Update, Inc.
Entity: Corporation
Industry: Temporary Help Services
Location: Falls Church, VA
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Update, Inc. is a corporation located at 6400 Arlington Boulevard 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 Size:
Jobs Retained:
261Loan Approved:
2020-04-10Lender:
UNITED BANKUpdate, Inc. received a Paycheck Protection Loan of $3.52M through UNITED BANK, which was approved in April, 2020.
Based on standard PPP eligibility rules, Update, Inc.'s total 2019 payroll expenses were approximately $16.89M in order to qualify for the PPP loan amount received.
Based on their reported 261 jobs retained, this equals an estimated average yearly compensation of $64,725 per employee1.
Business Information - Update, Inc. in Falls Church, VA
6400 Arlington Boulevard
Falls Church, VA 22042
Business Industry
Temporary Help Services (NAICS code 561320)
Business Owner Demographics
Race / Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Congressional District: VA-08Similar Companies near Falls Church
In the Falls Church area, 5 businesses in the "Temporary Help Services" industry received a PPP loan. These local businesses reported an average of 100 employees (compared to this company's 261) and received an average PPP loan of $992,640 (compared to this company's $3.52M).
Similar Nearby Businesses Who Received PPP Funding:
S4D Enterprises LLC
Falls Church, VA
Northern Virginia Temporaries, Inc.
Falls Church, VA
OAR Staffing Inc
Falls Church, VA
Citystaff, Inc
Falls Church, VA
Industry PPP Comparison Statistics
Nationwide, 4,404 businesses in the "Temporary Help Services" industry received a total of $2,681,304,257.00 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 61 employees, 77% lower than Update, Inc.'s reported 261 employees, and received an average PPP loan of $608,834, 83% 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.
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.
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