PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Mccoy Transport Inc, Chesapeake, VA

ALERT: There are 2 PPP loans for a total of $90,960 in our database for businesses with the name "Mccoy Transport Inc" in Chesapeake, VA. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Mccoy Transport Inc
VA

Mccoy Transport Inc

Entity: Corporation

Industry: General Freight Trucking, Long-Distance, Truckload

Location: Chesapeake, VA

Search All PPP Data

Mccoy Transport Inc is a corporation located at 1008b Enterprise Cir in Chesapeake, Virginia that received a Coronavirus-related PPP loan from the SBA of $44,560.00 in April, 2021.

$ PPP Loan Information
Loan #5555328903

Loan Size:

$44,560

Jobs Retained:

4

Loan Approved:

2021-04-30

Loan Status:

Active Un-Disbursed

Lender:

The Old Point National Bank of Phoebus
PPP Funds Undisbursed

Mccoy Transport Inc in Chesapeake, VA received a Paycheck Protection Loan of $44,560 through The Old Point National Bank of Phoebus, which was approved in April, 2021.

While this loan has been approved by the Small Business Administration, the lender has not reported to the SBA that the loan funds were disbursed to the borrower. According to SBA records, a total of $44,560 in approved PPP funding has not been disbursed. The loan's status was last updated by the SBA in April, 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.

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, Mccoy Transport Inc's 2019 payroll expenses are estimated to be at least $213,888.

Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $53,472 per employee1

Reported PPP Proceed Usage:

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

  • Payroll: $44,559

Business Information - Mccoy Transport Inc in Chesapeake, VA

Mccoy Transport Inc
1008b Enterprise Cir
Chesapeake, VA 23321

Business Industry:
General Freight Trucking, Long-Distance, Truckload
NAICS code 484121

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Chesapeake City County, VA — SBA Office 0304 — Congressional District: VA-04

Similar Companies near Chesapeake

In the Chesapeake area, 31 businesses in the "General Freight Trucking, Long-Distance, Truckload" industry received a PPP loan. These local businesses reported an average of 4 employees (compared to this company's 4) and received an average PPP loan of $47,782 (compared to this company's $44,560).

Industry PPP Comparison Statistics

Nationwide, 116,089 businesses in the "General Freight Trucking, Long-Distance, Truckload" industry received a total of $4.64B 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, 25% lower than Mccoy Transport Inc's reported 4 employees, and received an average PPP loan of $39,939, 10% lower than this company's loan of $44,560.

SBA PPP loan data, payroll data, and salaries for Mccoy Transport Inc
VA

Mccoy Transport Inc

Entity: Corporation

Industry: General Freight Trucking, Long-Distance, Truckload

Location: Chesapeake, VA

Search All PPP Data

Mccoy Transport Inc is a corporation located at 1008 Enterprise Circle in Chesapeake, Virginia that received a Coronavirus-related PPP loan from the SBA of $46,400.00 in May, 2020.

$ PPP Loan Information
Loan #9512837306

Loan Size:

$46,400

Jobs Retained:

4

Loan Approved:

2020-05-02

Loan Status:

Paid in Full or Forgiven

Lender:

The Old Point National Bank of Phoebus

Mccoy Transport Inc in Chesapeake, VA received a Paycheck Protection Loan of $46,400 through The Old Point National Bank of Phoebus, which was approved in May, 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 February, 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.

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, Mccoy Transport Inc's 2019 payroll expenses are estimated to be at least $222,720.

Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $55,680 per employee1

Reported PPP Proceed Usage:

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

  • Payroll: $46,400

Business Information - Mccoy Transport Inc in Chesapeake, VA

Mccoy Transport Inc
1008 Enterprise Circle
Chesapeake, VA 23321

Business Industry:
General Freight Trucking, Long-Distance, Truckload
NAICS code 484121

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: N

Rural / Urban: Urban

Chesapeake City County, VA — SBA Office 0304 — Congressional District: VA-04

Similar Companies near Chesapeake

In the Chesapeake area, 31 businesses in the "General Freight Trucking, Long-Distance, Truckload" industry received a PPP loan. These local businesses reported an average of 4 employees (compared to this company's 4) and received an average PPP loan of $47,782 (compared to this company's $46,400).

Industry PPP Comparison Statistics

Nationwide, 116,089 businesses in the "General Freight Trucking, Long-Distance, Truckload" industry received a total of $4.64B 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, 25% lower than Mccoy Transport Inc's reported 4 employees, and received an average PPP loan of $39,939, 14% lower than this company's loan of $46,400.

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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/mccoy-transport-inc-chesapeake-va