PPP Loan Data — Validatek, Inc, Mclean, VA
Validatek, Inc is a corporation located at 1660 International Drive, Ste 400 in Mclean, Virginia that received a Coronavirus-related PPP loan from the SBA of $5,509,955.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Atlantic Union Bank
Validatek, Inc in Mclean, VA received a Paycheck Protection Loan of $5.51M through Atlantic Union 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 264. 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, Validatek, Inc's 2019 payroll expenses are estimated to be at least $26.45M (not accounting for salary amounts > $100k).
Because the 244 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, Validatek, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $5,509,955
Business Information - Validatek, Inc in Mclean, VA
1660 International Drive, Ste 400
Mclean, VA 22102
Custom Computer Programming Services
NAICS code 541511
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Mclean
In the Mclean area, 83 businesses in the "Custom Computer Programming Services" industry received a PPP loan. These local businesses reported an average of 21 employees (compared to this company's 244) and received an average PPP loan of $383,526 (compared to this company's $5.51M).
Similar Nearby Businesses Who Received PPP Funding:
Concilio Labs, Inc
Renegade Technology Systems
Interactive Technologies Group Inc
Mc Lean, VA
United Bus Technology, Inc
Mc Lean, VA
Bridge Core LLC
Mc Lean, VA
Mc Lean, VA
Mc Lean, VA
Synergy Systems Group, Inc
Industry PPP Comparison Statistics
Nationwide, 38,818 businesses in the "Custom Computer Programming Services" industry received a total of $6.47B 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 11 employees, 95% lower than Validatek, Inc's reported 244 employees, and received an average PPP loan of $166,647, 97% lower than this company's loan of $5.51M.
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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