PPP Loan Data — Fairmont Supply Company, Inc, Washington, PA
Fairmont Supply Company, Inc is a corporation located at 437 Jefferson Ave in Washington, Pennsylvania that received a Coronavirus-related PPP loan from the SBA of $2,078,100.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Vast Bank, National Association
Fairmont Supply Company, Inc in Washington, PA received a Paycheck Protection Loan of $2.08M through Vast Bank, National Association, which was approved in April, 2020.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 100. 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, Fairmont Supply Company, Inc's 2019 payroll expenses are estimated to be at least $9.97M (not accounting for salary amounts > $100k).
Because the 79 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, Fairmont Supply Company, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,078,100
Business Information - Fairmont Supply Company, Inc in Washington, PA
437 Jefferson Ave
Washington, PA 15301
Wholesale Trade Agents and Brokers
NAICS code 425120
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Washington
In the Washington area, 2 businesses in the "Wholesale Trade Agents and Brokers" industry received a PPP loan. These local businesses reported an average of 40 employees (compared to this company's 79) and received an average PPP loan of $1,044,675 (compared to this company's $2.08M).
Similar Nearby Businesses Who Received PPP Funding:
Industry PPP Comparison Statistics
Nationwide, 32,002 businesses in the "Wholesale Trade Agents and Brokers" industry received a total of $1.03B 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 3 employees, 96% lower than Fairmont Supply Company, Inc's reported 79 employees, and received an average PPP loan of $32,279, 98% lower than this company's loan of $2.08M.
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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