PPP Loan Data — Morgan Asphalt Inc, Salt Lake City, UT
Morgan Asphalt Inc is a corporation located at 1970 N Redwood Road in Salt Lake City, Utah that received a Coronavirus-related PPP loan from the SBA of $2,765,000.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least 200 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Morgan Asphalt Inc in Salt Lake City, UT received a Paycheck Protection Loan of $2.77M through Glacier Bank, which was approved in April, 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, Morgan Asphalt Inc's 2019 payroll expenses are estimated to be at least $13.27M.
Based on their reported 200 jobs retained, this equals an estimated average yearly compensation of $66,360 per employee1
Reported PPP Proceed Usage:
On the PPP application, Morgan Asphalt Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,765,000
Business Information - Morgan Asphalt Inc in Salt Lake City, UT
1970 N Redwood Road
Salt Lake City, UT 84116
Highway, Street, and Bridge Construction
NAICS code 237310
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Salt Lake City
In the Salt Lake City area, 2 businesses in the "Highway, Street, and Bridge Construction" industry received a PPP loan. These local businesses reported an average of 108 employees (compared to this company's 200) and received an average PPP loan of $1,451,194 (compared to this company's $2.77M).
Similar Nearby Businesses Who Received PPP Funding:
R.w. Striping, Inc
Salt Lake City, UT
Industry PPP Comparison Statistics
Nationwide, 11,483 businesses in the "Highway, Street, and Bridge Construction" industry received a total of $3.92B 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 26 employees, 87% lower than Morgan Asphalt Inc's reported 200 employees, and received an average PPP loan of $341,702, 88% lower than this company's loan of $2.77M.
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Footnotes & Information
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