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PPP Loan Data — Kanawha Scales & Systems, Inc, Poca, WV

SBA PPP loan data, payroll data, and salaries for Kanawha Scales & Systems, Inc
WV

Kanawha Scales & Systems, Inc

Entity: Corporation

Industry: Other Electronic and Precision Equipment Repair and Maintenance

Location: Poca, WV

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Kanawha Scales & Systems, Inc is a corporation located at 111 Jacobson Dr in Poca, West Virginia that received a Coronavirus-related PPP loan from the SBA of $2,896,630.00 in April, 2020.

The company has reported itself as a White owned business, and employed at least 191 people during the applicable loan loan period.

$ PPP Loan Information
Loan #4198707104

Loan Size:

$2.9M

Jobs Retained:

191

Loan Approved:

2020-04-13

Loan Status:

Ongoing Loan

Lender:

Pinnacle Bank

Kanawha Scales & Systems, Inc in Poca, WV received a Paycheck Protection Loan of $2.9M through Pinnacle 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, Kanawha Scales & Systems, Inc's 2019 payroll expenses are estimated to be at least $13.9M.

Based on their reported 191 jobs retained, this equals an estimated average yearly compensation of $72,795 per employee1

Reported PPP Proceed Usage:

On the PPP application, Kanawha Scales & Systems, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $2,896,630
Because the loan received by Kanawha Scales & Systems, 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 - Kanawha Scales & Systems, Inc in Poca, WV

Kanawha Scales & Systems, Inc
111 Jacobson Dr
Poca, WV 25159

Business Owner Demographics

Race: White

Ethnicity: Not Hispanic or Latino

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Rural

Putnam County, WV — SBA Office 0390 — Congressional District: WV-02

Industry PPP Comparison Statistics

Nationwide, 3,946 businesses in the "Other Electronic and Precision Equipment Repair and Maintenance" industry received a total of $351.22M 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, 95% lower than Kanawha Scales & Systems, Inc's reported 191 employees, and received an average PPP loan of $89,006, 97% lower than this company's loan of $2.9M.

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.

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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/kanawha-scales-systems-inc-poca-wv