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PPP Loan Data — Versatile Solutions And Services, Inc,
Tamarac, FL
Versatile Solutions And Services, Inc
Entity: Corporation
Industry: All Other Support Services
Location: Tamarac, FL
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Versatile Solutions And Services, Inc is a corporation located at 5403 Nw 23rd Ter in Tamarac, Florida that received a Coronavirus-related PPP loan from the SBA of $15,000.00 in May, 2020.
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PPP Loan Information
Loan #1925547707
Loan Size:
Jobs Retained:
2Loan Approved:
2020-05-01Loan Status:
Paid in Full or ForgivenLender:
JPMorgan Chase Bank, National AssociationVersatile Solutions And Services, Inc in Tamarac, FL received a Paycheck Protection Loan of $15,000 through JPMorgan Chase Bank, National Association, which was approved in May, 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 May, 2021.
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, Versatile Solutions And Services, Inc's 2019 payroll expenses are estimated to be at least $72,000.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $36,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Versatile Solutions And Services, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $11,250
- Utilities: $3,750
Business Information - Versatile Solutions And Services, Inc in Tamarac, FL
5403 Nw 23rd Ter
Tamarac, FL 33309
Business Industry:
All Other Support Services
NAICS code 561990
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: New Business or 2 years or less
LMI Zone: Y
HUBZone: Y
Rural / Urban: Urban
Similar Companies near Tamarac
In the Tamarac area, 35 businesses in the "All Other Support Services" industry received a PPP loan. These local businesses reported an average of 14 employees (compared to this company's 2) and received an average PPP loan of $217,425 (compared to this company's $15,000).
Similar Nearby Businesses Who Received PPP Funding:
Powerage LLC
Fort Lauderdale, FL
Tradefirst Florida Inc
Fort Lauderdale, FL
Jojuan Jackson
Lauderdale Lakes, FL
Dino Star International, Inc
Fort Lauderdale, FL
Bette A Estep
Oakland Park, FL
Three Meatheads LLC
Fort Lauderdale, FL
Florida Precision Aerospace, Inc
Fort Lauderdale, FL
Deen's Lighting Company
Oakland Park, FL
File Gumbo, Inc
Lauderdale-by-the-sea, FL
Industry PPP Comparison Statistics
Nationwide, 33,519 businesses in the "All Other Support Services" industry received a total of $1.7B 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 7 employees, 250% higher than Versatile Solutions And Services, Inc's reported 2 employees, and received an average PPP loan of $50,756, 238% higher than this company's loan of $15,000.
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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