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PPP Loan Data — Art's Rental Equipment Inc., Newport, KY

SBA PPP loan data, payroll data, and salaries for Art's Rental Equipment Inc.
KY

Art's Rental Equipment Inc.

Entity: Subchapter S Corporation

Industry: Construction, Mining, and Forestry Machinery and Equipment Rental and Leasing

Location: Newport, KY

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Art's Rental Equipment Inc. is a subchapter s corporation located at 215 East 6th St in Newport, Kentucky that received a Coronavirus-related PPP loan from the SBA of $2,995,300.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$3M

Jobs Retained:

216

Loan Approved:

2020-04-13

Lender:

FIFTH THIRD BANK

Art's Rental Equipment Inc. received a Paycheck Protection Loan of $3M through FIFTH THIRD BANK, which was approved in April, 2020.

Based on standard PPP eligibility rules, Art's Rental Equipment Inc.'s total 2019 payroll expenses were approximately $14.38M in order to qualify for the PPP loan amount received.

Based on their reported 216 jobs retained, this equals an estimated average yearly compensation of $66,562 per employee1.

Because the loan received by Art's Rental Equipment 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 - Art's Rental Equipment Inc. in Newport, KY

Art's Rental Equipment Inc.
215 East 6th St
Newport, KY 41071

Business Industry

Construction, Mining, and Forestry Machinery and Equipment Rental and Leasing (NAICS code 532412)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: KY-04

Industry PPP Comparison Statistics

Nationwide, 1,846 businesses in the "Construction, Mining, and Forestry Machinery and Equipment Rental and Leasing" industry received a total of $463,210,891.00 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 16 employees, 93% lower than Art's Rental Equipment Inc.'s reported 216 employees, and received an average PPP loan of $250,927, 92% lower than this company's loan of $3M.

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.

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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/arts-rental-equipment-inc-newport-ky