PPP Loan Data — James Mills Well Drilling & Water Supply, Pikeville, TN
James Mills Well Drilling & Water Supply is a sole proprietorship located at 18 Well Water Lane in Pikeville, Tennessee that received a Coronavirus-related PPP loan from the SBA of $45,808.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least four people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:First Farmers and Commercial Bank
James Mills Well Drilling & Water Supply in Pikeville, TN received a Paycheck Protection Loan of $45,808 through First Farmers and Commercial Bank, 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 November, 2020.
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, James Mills Well Drilling & Water Supply's 2019 payroll expenses are estimated to be at least $219,878.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $54,970 per employee1
Reported PPP Proceed Usage:
On the PPP application, James Mills Well Drilling & Water Supply reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $45,808
Business Information - James Mills Well Drilling & Water Supply in Pikeville, TN
18 Well Water Lane
Pikeville, TN 37367
Water Supply and Irrigation Systems
NAICS code 221310
Business Owner Demographics
Gender: Male Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Pikeville
In the Pikeville area, 3 businesses in the "Water Supply and Irrigation Systems" industry received a PPP loan. These local businesses reported an average of 3 employees (compared to this company's 4) and received an average PPP loan of $37,400 (compared to this company's $45,808).
Similar Nearby Businesses Who Received PPP Funding:
Mills And Son Well Drilling
Industry PPP Comparison Statistics
Nationwide, 4,645 businesses in the "Water Supply and Irrigation Systems" industry received a total of $428.61M 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, 125% higher than James Mills Well Drilling & Water Supply's reported 4 employees, and received an average PPP loan of $92,273, 101% higher than this company's loan of $45,808.
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Footnotes & Information
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