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PPP Loan Data — Drilling Tools International Inc,
Houston, TX
Drilling Tools International Inc
Entity: Corporation
Industry: Support Activities for Oil and Gas Operations
Location: Houston, TX
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Drilling Tools International Inc is a corporation located at 3701 Briarpark Dr Ste 150 3701 Briarpark Dr Ste 150 in Houston, Texas that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in March, 2021.
$
PPP Loan Information
Loan #1833278610
Loan Size:
Jobs Retained:
193Loan Approved:
2021-03-13Loan Status:
Paid in Full or ForgivenLender:
PNC Bank, National AssociationDrilling Tools International Inc in Houston, TX received a Paycheck Protection Loan of $2M through PNC Bank, National Association, which was approved in March, 2021.
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 February, 2022.
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, Drilling Tools International Inc's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 193 jobs retained, this equals an estimated average yearly compensation of $49,741 per employee1
Reported PPP Proceed Usage:
On the PPP application, Drilling Tools International Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,998
- Utilities: $1
Business Information - Drilling Tools International Inc in Houston, TX
3701 Briarpark Dr Ste 150 3701 Briarpark Dr Ste 150
Houston, TX 77042
Business Industry:
Support Activities for Oil and Gas Operations
NAICS code 213112
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: Y
Rural / Urban: Urban
Similar Companies near Houston
In the Houston area, 85 businesses in the "Support Activities for Oil and Gas Operations" industry received a PPP loan. These local businesses reported an average of 24 employees (compared to this company's 193) and received an average PPP loan of $473,712 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Geolog Americas, Inc
Houston, TX
Michael J Mcghan
Houston, TX
Lean Geosolutions Limited Liability
Houston, TX
Cor-Pro Systems Operating, LTD
Houston, TX
LFF Houston Inc
Houston, TX
Quicksource Inc
Houston, TX
Spirit Fluid Services LLC
Houston, TX
Corneliu Robescu
Houston, TX
DOF Subsea USA Inc
Houston, TX
Industry PPP Comparison Statistics
Nationwide, 20,742 businesses in the "Support Activities for Oil and Gas Operations" industry received a total of $3.84B 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, 94% lower than Drilling Tools International Inc's reported 193 employees, and received an average PPP loan of $185,218, 91% lower than this company's loan of $2M.
Drilling Tools International Inc
Entity: Corporation
Industry: Crude Petroleum Extraction
Location: Houston, TX
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Drilling Tools International Inc is a corporation located at 3701 Briarpark Dr Ste 150 in Houston, Texas that received a Coronavirus-related PPP loan from the SBA of $6,575,300.00 in April, 2020.
$
PPP Loan Information
Loan #7885517003
Loan Size:
Jobs Retained:
410Loan Approved:
2020-04-08Loan Status:
Paid in Full or ForgivenLender:
PNC Bank, National AssociationDrilling Tools International Inc in Houston, TX received a Paycheck Protection Loan of $6.58M through PNC Bank, National Association, which was approved in April, 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 August, 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, Drilling Tools International Inc's 2019 payroll expenses are estimated to be at least $31.56M.
Based on their reported 410 jobs retained, this equals an estimated average yearly compensation of $76,979 per employee1
Reported PPP Proceed Usage:
On the PPP application, Drilling Tools International Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $6,575,300
Business Information - Drilling Tools International Inc in Houston, TX
3701 Briarpark Dr Ste 150
Houston, TX 77042
Business Industry:
Crude Petroleum Extraction
NAICS code 211120
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: Y
Rural / Urban: Urban
Similar Companies near Houston
In the Houston area, 5 businesses in the "Crude Petroleum Extraction " industry received a PPP loan. These local businesses reported an average of 88 employees (compared to this company's 410) and received an average PPP loan of $1,430,789 (compared to this company's $6.58M).
Similar Nearby Businesses Who Received PPP Funding:
Apex Subsea, Inc
Houston, TX
WMR Energy Resources LLC
Houston, TX
Olie Allen Lazenby Jr
Houston, TX
Industry PPP Comparison Statistics
Nationwide, 5,856 businesses in the "Crude Petroleum Extraction " industry received a total of $637.29M 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, 98% lower than Drilling Tools International Inc's reported 410 employees, and received an average PPP loan of $108,828, 98% lower than this company's loan of $6.58M.
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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