Matson Fruit Company in Selah, WA - SBA PPP Loan Data (Paycheck Protection Program)

PPP Loan Data — Matson Fruit Company, Selah, WA

Matson Fruit Company

Entity: Corporation

Industry: Apple Orchards

Location: Selah, WA

Matson Fruit Company is a corporation located at 201 N. Railroad Ave in Selah, Washington that received a Coronavirus-related PPP loan from the SBA of $3,500,000.00 in April, 2020.

$ PPP Loan Information
Loan #3702207102

Loan Size:

$3.5M

Jobs Retained:

485

Loan Approved:

2020-04-12

Loan Status:

Paid in Full or Forgiven

Lender:

KeyBank National Association

Matson Fruit Company in Selah, WA received a Paycheck Protection Loan of $3.5M through KeyBank National Association, 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 August, 2021.

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.

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.

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, Matson Fruit Company's 2019 payroll expenses are estimated to be at least $16.8M.

Based on their reported 485 jobs retained, this equals an estimated average yearly compensation of $34,639 per employee¹

Reported PPP Proceed Usage:

On the PPP application, Matson Fruit Company reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $3,500,000

Because the loan received by Matson Fruit Company 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 - Matson Fruit Company in Selah, WA

Matson Fruit Company
201 N. Railroad Ave
Selah, WA 98942

Business Industry:
Apple Orchards
NAICS code 111331

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age:

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Yakima County, WA — SBA Office 1094 — Congressional District: WA-04

Similar Companies near Selah

In the Selah area, 16 businesses in the "Apple Orchards" industry received a PPP loan. These local businesses reported an average of 61 employees (compared to this company's 485) and received an average PPP loan of $423,824 (compared to this company's $3.5M).

Similar Nearby Businesses Who Received PPP Funding:

Crabb Orchard Tract LLC
Selah, WA

$63,246 PPP Loan

K6 Farms, LLC
Selah, WA

$31,951 PPP Loan

Twin Peaks Orchards LLC
Selah, WA

$832,242 PPP Loan

Troy Huck
Selah, WA

$30,213 PPP Loan

LFZ Orchard Operations, Inc
Selah, WA

$593,296 PPP Loan

Michael Wilcox
Selah, WA

$34,685 PPP Loan

T&L Huck Orchards
Selah, WA

$26,449 PPP Loan

Thome Orchards LLC
Selah, WA

$42,600 PPP Loan

Craig Lancaster DBA Western Front Farms
Selah, WA

$231,741 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 1,875 businesses in the "Apple Orchards" industry received a total of $183.17M 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 22 employees, 95% lower than Matson Fruit Company's reported 485 employees, and received an average PPP loan of $97,693, 97% lower than this company's loan of $3.5M.

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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