PPP Loan Data — MTM Petroleum, LLC, Midland, TX
MTM Petroleum, LLC is a limited liability company (LLC) located at 5007 Granite Ln in Midland, Texas that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:FirstCapital Bank of Texas, National Association
MTM Petroleum, LLC in Midland, TX received a Paycheck Protection Loan of $25,000 through FirstCapital Bank of Texas, 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 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, MTM Petroleum, LLC's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $60,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, MTM Petroleum, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - MTM Petroleum, LLC in Midland, TX
5007 Granite Ln
Midland, TX 79707
Drilling Oil and Gas Wells
NAICS code 213111
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, 38 businesses in the "Drilling Oil and Gas Wells" industry received a PPP loan. These local businesses reported an average of 13 employees (compared to this company's 2) and received an average PPP loan of $289,486 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Tres Lagunas Resources LLC
Fivestones Energy LLC
West Texas Premix Pits LP
Instant Energy Oilfield Services
Intrepid Directional Drilling Specialists LTD
Odyssey Safety LLC
Madrid Land Services LLC
JAY Daniel Solansky
Industry PPP Comparison Statistics
Nationwide, 5,486 businesses in the "Drilling Oil and Gas Wells" industry received a total of $748.62M 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, 350% higher than MTM Petroleum, LLC's reported 2 employees, and received an average PPP loan of $136,461, 446% higher than this company's loan of $25,000.
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Footnotes & Information
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