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PPP Loan Data — Fawcett Painting, Inc, Kent, WA

SBA PPP loan data, payroll data, and salaries for Fawcett Painting, Inc
WA

Fawcett Painting, Inc

Entity: Subchapter S Corporation

Industry: Painting and Wall Covering Contractors

Location: Kent, WA

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Fawcett Painting, Inc is a subchapter s corporation located at 8260 S 192nd St in Kent, Washington that received a Coronavirus-related PPP loan from the SBA of $2,019,200.00 in April, 2020.

$ PPP Loan Information
Loan #2294367306

Loan Size:

$2.02M

Jobs Retained:

111

Loan Approved:

2020-04-29

Loan Status:

Ongoing Loan

Lender:

HomeStreet Bank

Fawcett Painting, Inc in Kent, WA received a Paycheck Protection Loan of $2.02M through HomeStreet 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, Fawcett Painting, Inc's 2019 payroll expenses are estimated to be at least $9.69M.

Based on their reported 111 jobs retained, this equals an estimated average yearly compensation of $87,317 per employee1

Reported PPP Proceed Usage:

On the PPP application, Fawcett Painting, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $2,019,200
Because the loan received by Fawcett Painting, 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 - Fawcett Painting, Inc in Kent, WA

Fawcett Painting, Inc
8260 S 192nd St
Kent, WA 98032

Business Industry:
Painting and Wall Covering Contractors
NAICS code 238320

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age:

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

King County, WA — SBA Office 1013 — Congressional District: WA-09

Similar Companies near Kent

In the Kent area, 29 businesses in the "Painting and Wall Covering Contractors" industry received a PPP loan. These local businesses reported an average of 23 employees (compared to this company's 111) and received an average PPP loan of $374,050 (compared to this company's $2.02M).

Industry PPP Comparison Statistics

Nationwide, 50,571 businesses in the "Painting and Wall Covering Contractors" industry received a total of $2.46B 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 5 employees, 95% lower than Fawcett Painting, Inc's reported 111 employees, and received an average PPP loan of $48,668, 98% lower than this company's loan of $2.02M.

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.

Search FederalPay's Full PPP Loan Database

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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Source: www.federalpay.org/paycheck-protection-program/fawcett-painting-inc-kent-wa