PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Paragon Well Service LLC, Midland, TX

ALERT: There are 2 PPP loans for a total of $472,393 in our database for businesses with the name "Paragon Well Service LLC" in Midland, TX. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Paragon Well Service LLC
TX

Paragon Well Service LLC

Entity: Limited Liability Company (LLC)

Industry: Support Activities for Oil and Gas Operations

Location: Midland, TX

Search All PPP Data

Paragon Well Service LLC is a limited liability company (LLC) located at 2816 Haynes Dr in Midland, Texas that received a Coronavirus-related PPP loan from the SBA of $184,893.00 in January, 2021.

The company has reported itself as a male owned business, and employed at least thirteen people during the applicable loan loan period.

$ PPP Loan Information
Loan #7115378303

Loan Size:

$184,893

Jobs Retained:

13

Loan Approved:

2021-01-27

Loan Status:

Ongoing Loan

Lender:

American Momentum Bank

Paragon Well Service LLC in Midland, TX received a Paycheck Protection Loan of $184,893 through American Momentum Bank, which was approved in January, 2021.

This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

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, Paragon Well Service LLC's 2019 payroll expenses are estimated to be at least $887,486.

Based on their reported 13 jobs retained, this equals an estimated average yearly compensation of $68,268 per employee1

Reported PPP Proceed Usage:

On the PPP application, Paragon Well Service LLC reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $184,893

Business Information - Paragon Well Service LLC in Midland, TX

Paragon Well Service LLC
2816 Haynes Dr
Midland, TX 79705

Business Industry:
Support Activities for Oil and Gas Operations
NAICS code 213112

Business Owner Demographics

Race: Unreported

Ethnicity: Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Midland County, TX — SBA Office 0678 — Congressional District: TX-11

Similar Companies near Midland

In the Midland area, 405 businesses in the "Support Activities for Oil and Gas Operations" industry received a PPP loan. These local businesses reported an average of 19 employees (compared to this company's 13) and received an average PPP loan of $320,145 (compared to this company's $184,893).

Industry PPP Comparison Statistics

Nationwide, 20,369 businesses in the "Support Activities for Oil and Gas Operations" industry received a total of $3.84B 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 13 employees, the same amount reported by Paragon Well Service LLC and received an average PPP loan of $188,586, 2% higher than this company's loan of $184,893.

SBA PPP loan data, payroll data, and salaries for Paragon Well Service LLC
TX

Paragon Well Service LLC

Entity: Limited Liability Company (LLC)

Industry: Support Activities for Oil and Gas Operations

Location: Midland, TX

Search All PPP Data

Paragon Well Service LLC is a limited liability company (LLC) located at 2816 Haynes Dr. in Midland, Texas that received a Coronavirus-related PPP loan from the SBA of $287,500.00 in April, 2020.

The company has reported itself as a male owned business, and employed at least fourteen people during the applicable loan loan period.

$ PPP Loan Information
Loan #3572357102

Loan Size:

$287,500

Jobs Retained:

14

Loan Approved:

2020-04-11

Loan Status:

Paid in Full or Forgiven

Lender:

American Momentum Bank

Paragon Well Service LLC in Midland, TX received a Paycheck Protection Loan of $287,500 through American Momentum 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 March, 2021.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

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, Paragon Well Service LLC's 2019 payroll expenses are estimated to be at least $1.38M.

Based on their reported 14 jobs retained, this equals an estimated average yearly compensation of $98,571 per employee1

Reported PPP Proceed Usage:

On the PPP application, Paragon Well Service LLC reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $287,500

Business Information - Paragon Well Service LLC in Midland, TX

Paragon Well Service LLC
2816 Haynes Dr.
Midland, TX 79705

Business Industry:
Support Activities for Oil and Gas Operations
NAICS code 213112

Business Owner Demographics

Race: Unreported

Ethnicity: Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age:

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Midland County, TX — SBA Office 0678 — Congressional District: TX-11

Similar Companies near Midland

In the Midland area, 405 businesses in the "Support Activities for Oil and Gas Operations" industry received a PPP loan. These local businesses reported an average of 19 employees (compared to this company's 14) and received an average PPP loan of $320,145 (compared to this company's $287,500).

Industry PPP Comparison Statistics

Nationwide, 20,369 businesses in the "Support Activities for Oil and Gas Operations" industry received a total of $3.84B 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 13 employees, 7% lower than Paragon Well Service LLC's reported 14 employees, and received an average PPP loan of $188,586, 34% lower than this company's loan of $287,500.

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, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.

Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. Estimations for informational purposes only. 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/paragon-well-service-llc-midland-tx