Versatech, Inc in Savage, MD - SBA PPP Loan Data (Paycheck Protection Program)

PPP Loan Data — Versatech, Inc, Savage, MD

Versatech, Inc

Entity: Subchapter S Corporation

Industry: Computer Systems Design Services

Location: Savage, MD

Versatech, Inc is a subchapter s corporation located at 8510 Corridor Road in Savage, Maryland that received a Coronavirus-related PPP loan from the SBA of $2,659,737.00 in April, 2020.

The company has reported itself as a male owned business, and employed at least 130 people during the applicable loan loan period.

$ PPP Loan Information

Loan Size:

$2.66M

Jobs Retained:

130

Loan Approved:

2020-04-08

Lender:

SANDY SPRING BANK

Versatech, Inc in Savage, MD received a Paycheck Protection Loan of $2.66M through SANDY SPRING BANK, which was approved in April, 2020.

Based on standard PPP eligibility rules, Versatech, Inc's total 2019 payroll expenses were approximately $12.77M in order to qualify for the PPP loan amount received.

Based on their reported 130 jobs retained, this equals an estimated average yearly compensation of $98,206 per employee¹.

Because the loan received by Versatech, 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 - Versatech, Inc in Savage, MD

Versatech, Inc
8510 Corridor Road
Savage, MD 20763

Business Industry

Computer Systems Design Services (NAICS code 541512)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: MALE OWNED

Veteran Status: NON-VETERAN

Congressional District: MD-02

Industry PPP Comparison Statistics

Nationwide, 17,994 businesses in the "Computer Systems Design Services" industry received a total of $3,264,251,371.00 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 10 employees, 92% lower than Versatech, Inc's reported 130 employees, and received an average PPP loan of $181,408, 93% lower than this company's loan of $2.66M.

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

Search FederalPay's Full PPP Loan Database

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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