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PPP Loan Data — Veritas Group Inc,
San Francisco, CA
Veritas Group Inc
Entity: Corporation
Industry: Residential Property Managers
Location: San Francisco, CA
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Veritas Group Inc is a corporation located at 1 Bush St Ste 900 in San Francisco, California that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in February, 2021.
The company has reported itself as an Asian male owned business, and employed at least 273 people during the applicable loan loan period.
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PPP Loan Information
Loan #3527578509
Loan Size:
Jobs Retained:
273Loan Approved:
2021-02-24Loan Status:
Paid in Full or ForgivenLender:
East West BankVeritas Group Inc in San Francisco, CA received a Paycheck Protection Loan of $2M through East West Bank, which was approved in February, 2021.
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 April, 2022.
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.
Read MoreUnderstanding 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.
Read MoreBased 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, Veritas Group Inc's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 273 jobs retained, this equals an estimated average yearly compensation of $35,165 per employee1
Reported PPP Proceed Usage:
On the PPP application, Veritas Group Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,995
- Utilities: $1
Business Information - Veritas Group Inc in San Francisco, CA
1 Bush St Ste 900
San Francisco, CA 94104
Business Industry:
Residential Property Managers
NAICS code 531311
Business Owner Demographics
Race: Asian
Ethnicity: Unreported
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: Y
HUBZone: N
Rural / Urban: Urban
Similar Companies near San Francisco
In the San Francisco area, 23 businesses in the "Residential Property Managers" industry received a PPP loan. These local businesses reported an average of 47 employees (compared to this company's 273) and received an average PPP loan of $488,788 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Pacific Bay Ventures,LLC
San Francisco, CA
Aundra Nichols
San Francisco, CA
Michael Browne
San Francisco, CA
Jefferson Chen
San Francisco, CA
Friendly Living Sf LLC
San Francisco, CA
Wilsey Bennett Inc
San Francisco, CA
Union Property Capital, Inc
San Francisco, CA
640 Clay LLC
San Francisco, CA
Industry PPP Comparison Statistics
Nationwide, 35,973 businesses in the "Residential Property Managers" industry received a total of $3.03B 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 9 employees, 97% lower than Veritas Group Inc's reported 273 employees, and received an average PPP loan of $84,231, 96% lower than this company's loan of $2M.
Veritas Group, Inc
Entity: Corporation
Industry: Residential Property Managers
Location: San Francisco, CA
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•
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Veritas Group, Inc is a corporation located at 1 Bush St Suite 900 in San Francisco, California that received a Coronavirus-related PPP loan from the SBA of $3,655,700.00 in April, 2020.
The company has reported itself as an Asian male owned business, and employed at least 250 people during the applicable loan loan period.
$
PPP Loan Information
Loan #7111077009
Loan Size:
Jobs Retained:
250Loan Approved:
2020-04-07Loan Status:
Paid in Full or ForgivenLender:
East West BankVeritas Group, Inc in San Francisco, CA received a Paycheck Protection Loan of $3.66M through East West 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 March, 2022.
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.
Read MoreUnderstanding 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.
Read MoreBased 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, Veritas Group, Inc's 2019 payroll expenses are estimated to be at least $17.55M.
Based on their reported 250 jobs retained, this equals an estimated average yearly compensation of $70,189 per employee1
Reported PPP Proceed Usage:
On the PPP application, Veritas Group, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $3,655,700
Business Information - Veritas Group, Inc in San Francisco, CA
1 Bush St Suite 900
San Francisco, CA 94104
Business Industry:
Residential Property Managers
NAICS code 531311
Business Owner Demographics
Race: Asian
Ethnicity: Unreported
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: Y
HUBZone: Y
Rural / Urban: Urban
Similar Companies near San Francisco
In the San Francisco area, 23 businesses in the "Residential Property Managers" industry received a PPP loan. These local businesses reported an average of 47 employees (compared to this company's 250) and received an average PPP loan of $488,788 (compared to this company's $3.66M).
Similar Nearby Businesses Who Received PPP Funding:
Pacific Bay Ventures,LLC
San Francisco, CA
Aundra Nichols
San Francisco, CA
Michael Browne
San Francisco, CA
Jefferson Chen
San Francisco, CA
Friendly Living Sf LLC
San Francisco, CA
Wilsey Bennett Inc
San Francisco, CA
Union Property Capital, Inc
San Francisco, CA
640 Clay LLC
San Francisco, CA
Industry PPP Comparison Statistics
Nationwide, 35,973 businesses in the "Residential Property Managers" industry received a total of $3.03B 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 9 employees, 96% lower than Veritas Group, Inc's reported 250 employees, and received an average PPP loan of $84,231, 98% lower than this company's loan of $3.66M.
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.
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