PPP Loan Data — Morrow Energy LLC, Midland, TX
Morrow Energy LLC is a limited liability company (LLC) located at 10818 West County Road 72 in Midland, Texas that received a Coronavirus-related PPP loan from the SBA of $1,637,200.00 in June, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Morrow Energy LLC in Midland, TX received a Paycheck Protection Loan of $1.64M through Frost Bank, which was approved in June, 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 May, 2021.
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, Morrow Energy LLC's 2019 payroll expenses are estimated to be at least $7.86M.
Based on their reported 116 jobs retained, this equals an estimated average yearly compensation of $67,746 per employee1
Reported PPP Proceed Usage:
On the PPP application, Morrow Energy LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,637,200
Business Information - Morrow Energy LLC in Midland, TX
10818 West County Road 72
Midland, TX 79707
Support Activities for Oil and Gas Operations
NAICS code 213112
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Midland
In the Midland area, 401 businesses in the "Support Activities for Oil and Gas Operations" industry received a PPP loan. These local businesses reported an average of 23 employees (compared to this company's 116) and received an average PPP loan of $369,363 (compared to this company's $1.64M).
Similar Nearby Businesses Who Received PPP Funding:
Texas Pro Dyno LLC
Jamco Services LLC
GNN Services LLC
John M Clark, Inc
AP Consulting & Services LLC
Invicta Services LLC
Howard Casing & Tubing LLC
Absolute Roustabout Service LLC
Industry PPP Comparison Statistics
Nationwide, 20,810 businesses in the "Support Activities for Oil and Gas Operations" industry received a total of $3.86B 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 12 employees, 90% lower than Morrow Energy LLC's reported 116 employees, and received an average PPP loan of $185,360, 89% lower than this company's loan of $1.64M.
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Footnotes & Information
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