PPP Loan Data — Wesco Security Systems, Inc, Brea, CA
Wesco Security Systems, Inc is a subchapter s corporation located at 2781 Saturn St. Suite K in Brea, California that received a Coronavirus-related PPP loan from the SBA of $24,995.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Bank of the West
Wesco Security Systems, Inc in Brea, CA received a Paycheck Protection Loan of $24,995 through Bank of the West, which was approved in April, 2020.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
Understanding Payroll Estimates Based On PPP Amount
Based 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, Wesco Security Systems, Inc's 2019 payroll expenses are estimated to be at least $119,976.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $29,994 per employee1
Reported PPP Proceed Usage:
On the PPP application, Wesco Security Systems, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,995
Business Information - Wesco Security Systems, Inc in Brea, CA
2781 Saturn St. Suite K
Brea, CA 92821
Security Systems Services (except Locksmiths)
NAICS code 561621
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Brea
In the Brea area, 2 businesses in the "Security Systems Services (except Locksmiths)" industry received a PPP loan. These local businesses reported an average of 9 employees (compared to this company's 4) and received an average PPP loan of $70,298 (compared to this company's $24,995).
Similar Nearby Businesses Who Received PPP Funding:
MVP Security Systems, Inc
Industry PPP Comparison Statistics
Nationwide, 9,089 businesses in the "Security Systems Services (except Locksmiths)" industry received a total of $1.11B 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 12 employees, 200% higher than Wesco Security Systems, Inc's reported 4 employees, and received an average PPP loan of $122,118, 389% higher than this company's loan of $24,995.
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Footnotes & Information
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