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PPP Loan Data — Verita Telecommunications Corp, Plymouth, MI

SBA PPP loan data, payroll data, and salaries for Verita Telecommunications Corp
MI

Verita Telecommunications Corp

Entity: Corporation

Industry: Power and Communication Line and Related Structures Construction

Location: Plymouth, MI

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Verita Telecommunications Corp is a corporation located at 47059 Five Mile Rd in Plymouth, Michigan that received a Coronavirus-related PPP loan from the SBA of $2,530,500.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$2.53M

Jobs Retained:

191

Loan Approved:

2020-04-06

Lender:

THE STATE BANK

Verita Telecommunications Corp in Plymouth, MI received a Paycheck Protection Loan of $2.53M through THE STATE BANK, which was approved in April, 2020.

Based on standard PPP eligibility rules, Verita Telecommunications Corp's total 2019 payroll expenses were approximately $12.15M in order to qualify for the PPP loan amount received.

Based on their reported 191 jobs retained, this equals an estimated average yearly compensation of $63,594 per employee1.

Because the loan received by Verita Telecommunications Corp 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 - Verita Telecommunications Corp in Plymouth, MI

Verita Telecommunications Corp
47059 Five Mile Rd
Plymouth, MI 48170

Business Industry

Power and Communication Line and Related Structures Construction (NAICS code 237130)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: MI-11

Industry PPP Comparison Statistics

Nationwide, 2,531 businesses in the "Power and Communication Line and Related Structures Construction" industry received a total of $727,350,112.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.

PPP recipients in this industry report an average of 20 employees, 90% lower than Verita Telecommunications Corp's reported 191 employees, and received an average PPP loan of $287,377, 89% lower than this company's loan of $2.53M.

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/verita-telecommunications-corp-plymouth-mi