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PPP Loan Data — New Wave Energy Services LTD, Midland, TX

SBA PPP loan data, payroll data, and salaries for New Wave Energy Services LTD
TX

New Wave Energy Services LTD

Entity: Corporation

Industry: Support Activities for Oil and Gas Operations

Location: Midland, TX

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New Wave Energy Services LTD is a corporation located at 303 W Wall Street, Suite 2201 in Midland, Texas that received a Coronavirus-related PPP loan from the SBA of $3,408,128.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$3.41M

Jobs Retained:

188

Loan Approved:

2020-04-03

Lender:

UNITED COMMUNITY BANK OF NORTH DAKOTA

New Wave Energy Services LTD in Midland, TX received a Paycheck Protection Loan of $3.41M through UNITED COMMUNITY BANK OF NORTH DAKOTA, which was approved in April, 2020.

Based on standard PPP eligibility rules, New Wave Energy Services LTD's total 2019 payroll expenses were approximately $16.36M in order to qualify for the PPP loan amount received.

Based on their reported 188 jobs retained, this equals an estimated average yearly compensation of $87,016 per employee1.

Because the loan received by New Wave Energy Services LTD 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 - New Wave Energy Services LTD in Midland, TX

New Wave Energy Services LTD
303 W Wall Street, Suite 2201
Midland, TX 79701

Business Industry

Support Activities for Oil and Gas Operations (NAICS code 213112)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: TX-11

Similar Companies near Midland

In the Midland area, 127 businesses in the "Support Activities for Oil and Gas Operations" industry received a PPP loan. These local businesses reported an average of 17 employees (compared to this company's 188) and received an average PPP loan of $392,009 (compared to this company's $3.41M).

Industry PPP Comparison Statistics

Nationwide, 11,335 businesses in the "Support Activities for Oil and Gas Operations" industry received a total of $2,439,543,076.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.

PPP recipients in this industry report an average of 13 employees, 93% lower than New Wave Energy Services LTD's reported 188 employees, and received an average PPP loan of $215,222, 94% lower than this company's loan of $3.41M.

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, and is published unmodified, as provided by the SBA.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. 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/new-wave-energy-services-ltd-midland-tx