PPP Loan Data — Diamond Event Inc, Murray, UT
Diamond Event Inc is a corporation located at 4518 S Riverside Dr in Murray, Utah that received a Coronavirus-related PPP loan from the SBA of $1,599,325.00 in January, 2021.
The company has reported itself as a male owned business, and employed at least 55 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Transportation Alliance Bank, Inc. d/b/a TAB Bank, Inc.
Diamond Event Inc in Murray, UT received a Paycheck Protection Loan of $1.6M through Transportation Alliance Bank, Inc. d/b/a TAB Bank, Inc., which was approved in January, 2021.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 55 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 77. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
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, Diamond Event Inc's 2019 payroll expenses are estimated to be at least $7.68M (not accounting for salary amounts > $100k).
Because the 55 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Reported PPP Proceed Usage:
On the PPP application, Diamond Event Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,599,321
- Utilities: $1
Business Information - Diamond Event Inc in Murray, UT
4518 S Riverside Dr
Murray, UT 84123
General Rental Centers
NAICS code 532310
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 2,803 businesses in the "General Rental Centers" industry received a total of $219.08M 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, 84% lower than Diamond Event Inc's reported 55 employees, and received an average PPP loan of $78,158, 95% lower than this company's loan of $1.6M.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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