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

PPP Loan Data — Parker Oil Company Incorporated, South Hill, VA

ALERT: There are 2 PPP loans for a total of $4.11M in our database for businesses with the name "Parker Oil Company Incorporated" in South Hill, VA. 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 Parker Oil Company Incorporated
VA

Parker Oil Company Incorporated

Entity: Subchapter S Corporation

Industry: Petroleum and Petroleum Products Merchant Wholesalers (except Bulk Stations and Terminals)

Location: South Hill, VA

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Parker Oil Company Incorporated is a subchapter s corporation located at 1428 W Danville St in South Hill, Virginia that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in March, 2021.

$ PPP Loan Information
Loan #2031768607

Loan Size:

$2M

Jobs Retained:

285

Loan Approved:

2021-03-13

Loan Status:

Ongoing Loan

Lender:

Citizens Bank and Trust Company

Parker Oil Company Incorporated in South Hill, VA received a Paycheck Protection Loan of $2M through Citizens Bank and Trust Company, which was approved in March, 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, Parker Oil Company Incorporated's 2019 payroll expenses are estimated to be at least $9.6M.

Based on their reported 285 jobs retained, this equals an estimated average yearly compensation of $33,684 per employee1

Reported PPP Proceed Usage:

On the PPP application, Parker Oil Company Incorporated reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,999,998
  • Utilities: $1
Because the loan received by Parker Oil Company Incorporated 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 - Parker Oil Company Incorporated in South Hill, VA

Parker Oil Company Incorporated
1428 W Danville St
South Hill, VA 23970

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: Y

Rural / Urban: Rural

Mecklenburg County, VA — SBA Office 0304 — Congressional District: VA-05

Similar Companies near South Hill

In the South Hill area, 2 businesses in the "Petroleum and Petroleum Products Merchant Wholesalers (except Bulk Stations and Terminals)" industry received a PPP loan. These local businesses reported an average of 145 employees (compared to this company's 285) and received an average PPP loan of $1,012,409 (compared to this company's $2M).

Similar Nearby Businesses Who Received PPP Funding:

Pearce Oil Company Inc
South Hill, VA

$24,817 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 3,489 businesses in the "Petroleum and Petroleum Products Merchant Wholesalers (except Bulk Stations and Terminals)" industry received a total of $829.53M 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 23 employees, 92% lower than Parker Oil Company Incorporated's reported 285 employees, and received an average PPP loan of $237,757, 88% lower than this company's loan of $2M.

SBA PPP loan data, payroll data, and salaries for Parker Oil Company, Incorporated
VA

Parker Oil Company, Incorporated

Entity: Subchapter S Corporation

Industry: Gasoline Stations with Convenience Stores

Location: South Hill, VA

Search All PPP Data

Parker Oil Company, Incorporated is a subchapter s corporation located at 1428 W Danville St in South Hill, Virginia that received a Coronavirus-related PPP loan from the SBA of $2,109,200.00 in April, 2020.

$ PPP Loan Information
Loan #6380967107

Loan Size:

$2.11M

Jobs Retained:

415

Loan Approved:

2020-04-14

Loan Status:

Ongoing Loan

Lender:

Truist Bank d/b/a Branch Banking & Trust Co

Parker Oil Company, Incorporated in South Hill, VA received a Paycheck Protection Loan of $2.11M through Truist Bank d/b/a Branch Banking & Trust Co, which was approved in April, 2020.

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, Parker Oil Company, Incorporated's 2019 payroll expenses are estimated to be at least $10.12M.

Based on their reported 415 jobs retained, this equals an estimated average yearly compensation of $24,396 per employee1

Reported PPP Proceed Usage:

On the PPP application, Parker Oil Company, Incorporated reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $2,109,200
Because the loan received by Parker Oil Company, Incorporated 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 - Parker Oil Company, Incorporated in South Hill, VA

Parker Oil Company, Incorporated
1428 W Danville St
South Hill, VA 23970

Business Industry:
Gasoline Stations with Convenience Stores
NAICS code 447110

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: Y

Rural / Urban: Rural

Mecklenburg County, VA — SBA Office 0304 — Congressional District: VA-05

Similar Companies near South Hill

In the South Hill area, 2 businesses in the "Gasoline Stations with Convenience Stores" industry received a PPP loan. These local businesses reported an average of 209 employees (compared to this company's 415) and received an average PPP loan of $1,057,309 (compared to this company's $2.11M).

Similar Nearby Businesses Who Received PPP Funding:

M&M-A&A Inc
South Hill, VA

$5,417 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 45,049 businesses in the "Gasoline Stations with Convenience Stores" industry received a total of $2.06B 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, 98% lower than Parker Oil Company, Incorporated's reported 415 employees, and received an average PPP loan of $45,786, 98% lower than this company's loan of $2.11M.

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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Source: www.federalpay.org/paycheck-protection-program/parker-oil-company-incorporated-south-hill-va