PPP Loan Data — Norfolk Tug Company, Norfolk, VA
Norfolk Tug Company is a subchapter s corporation located at 508a East Indian River Rd in Norfolk, Virginia that received a Coronavirus-related PPP loan from the SBA of $2,342,600.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Norfolk Tug Company in Norfolk, VA received a Paycheck Protection Loan of $2.34M through Towne Bank, 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 June, 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, Norfolk Tug Company's 2019 payroll expenses are estimated to be at least $11.24M.
Based on their reported 137 jobs retained, this equals an estimated average yearly compensation of $82,076 per employee1
Reported PPP Proceed Usage:
On the PPP application, Norfolk Tug Company reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,342,600
Business Information - Norfolk Tug Company in Norfolk, VA
508a East Indian River Rd
Norfolk, VA 23523
Navigational Services to Shipping
NAICS code 488330
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Norfolk
In the Norfolk area, 2 businesses in the "Navigational Services to Shipping" industry received a PPP loan. These local businesses reported an average of 96 employees (compared to this company's 137) and received an average PPP loan of $1,570,829 (compared to this company's $2.34M).
Similar Nearby Businesses Who Received PPP Funding:
Robbins Maritime, Inc
Industry PPP Comparison Statistics
Nationwide, 809 businesses in the "Navigational Services to Shipping" industry received a total of $104.73M 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 10 employees, 93% lower than Norfolk Tug Company's reported 137 employees, and received an average PPP loan of $129,459, 94% lower than this company's loan of $2.34M.
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Footnotes & Information
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