PPP Loan Data — Eastern Fishing And Rental Tool Co., Inc, Laurel, MS
Eastern Fishing And Rental Tool Co., Inc is a subchapter s corporation located at Moose Dr in Laurel, Mississippi that received a Coronavirus-related PPP loan from the SBA of $2,040,000.00 in April, 2020.
The company has reported itself as a White owned business, and employed at least 128 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Eastern Fishing And Rental Tool Co., Inc in Laurel, MS received a Paycheck Protection Loan of $2.04M through BOM Bank, which was approved in April, 2020.
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.
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 More
Understanding 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 More
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, Eastern Fishing And Rental Tool Co., Inc's 2019 payroll expenses are estimated to be at least $9.79M.
Based on their reported 128 jobs retained, this equals an estimated average yearly compensation of $76,500 per employee1
Reported PPP Proceed Usage:
On the PPP application, Eastern Fishing And Rental Tool Co., Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,633,000
- Utilities: $157,000
- Rent: $250,000
Business Information - Eastern Fishing And Rental Tool Co., Inc in Laurel, MS
Laurel, MS 39440
Support Activities for Oil and Gas Operations
NAICS code 213112
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Laurel
In the Laurel area, 16 businesses in the "Support Activities for Oil and Gas Operations" industry received a PPP loan. These local businesses reported an average of 27 employees (compared to this company's 128) and received an average PPP loan of $401,999 (compared to this company's $2.04M).
Similar Nearby Businesses Who Received PPP Funding:
Southern Trans Services, LLC
Pitts Swabbing Service Inc
Boots Smith Completion Services LLC
Laydown Machines LLC
Mississippi Gauge & Supply Company Inc
Filtration Systems Of MS LLC
Venture Oil & Gas, Inc
Industry PPP Comparison Statistics
Nationwide, 20,810 businesses in the "Support Activities for Oil and Gas Operations" industry received a total of $3.86B 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, 91% lower than Eastern Fishing And Rental Tool Co., Inc's reported 128 employees, and received an average PPP loan of $185,360, 91% lower than this company's loan of $2.04M.
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