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PPP Loan Data — Vastika Inc, Irving, TX

SBA PPP loan data, payroll data, and salaries for Vastika Inc
TX

Vastika Inc

Entity: Corporation

Industry: Employment Placement Agencies

Location: Irving, TX

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Vastika Inc is a corporation located at 1200 W Walnut Hill Lane in Irving, Texas that received a Coronavirus-related PPP loan from the SBA of $3,290,500.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$3.29M

Jobs Retained:

201

Loan Approved:

2020-04-16

Lender:

HANCOCK WHITNEY BANK

Vastika Inc in Irving, TX received a Paycheck Protection Loan of $3.29M through HANCOCK WHITNEY BANK, which was approved in April, 2020.

Based on standard PPP eligibility rules, Vastika Inc's total 2019 payroll expenses were approximately $15.79M in order to qualify for the PPP loan amount received.

Based on their reported 201 jobs retained, this equals an estimated average yearly compensation of $78,579 per employee1.

Because the loan received by Vastika 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 - Vastika Inc in Irving, TX

Vastika Inc
1200 W Walnut Hill Lane
Irving, TX 75038

Business Industry

Employment Placement Agencies (NAICS code 561311)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: TX-24

Similar Companies near Irving

In the Irving area, 6 businesses in the "Employment Placement Agencies" industry received a PPP loan. These local businesses reported an average of 50 employees (compared to this company's 201) and received an average PPP loan of $943,244 (compared to this company's $3.29M).

Industry PPP Comparison Statistics

Nationwide, 7,294 businesses in the "Employment Placement Agencies" industry received a total of $2,648,453,106.00 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 38 employees, 81% lower than Vastika Inc's reported 201 employees, and received an average PPP loan of $363,100, 89% lower than this company's loan of $3.29M.

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, and is published unmodified, as provided by the SBA.

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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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/vastika-inc-irving-tx