PPP Loan Data — Patriot Mining, LLC, Abingdon, VA
Patriot Mining, LLC is a limited liability company (LLC) located at 22331 Aven Ln in Abingdon, Virginia that received a Coronavirus-related PPP loan from the SBA of $866,800.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 57 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:The First Bank and Trust Company
Patriot Mining, LLC in Abingdon, VA received a Paycheck Protection Loan of $866,800 through The First Bank and Trust Company, 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 December, 2020.
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, Patriot Mining, LLC's 2019 payroll expenses are estimated to be at least $4.16M.
Based on their reported 57 jobs retained, this equals an estimated average yearly compensation of $72,994 per employee1
Reported PPP Proceed Usage:
On the PPP application, Patriot Mining, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $866,800
Business Information - Patriot Mining, LLC in Abingdon, VA
22331 Aven Ln
Abingdon, VA 24211
Bituminous Coal Underground Mining
NAICS code 212112
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Abingdon
In the Abingdon area, 2 businesses in the "Bituminous Coal Underground Mining" industry received a PPP loan. These local businesses reported an average of 31 employees (compared to this company's 57) and received an average PPP loan of $470,900 (compared to this company's $866,800).
Similar Nearby Businesses Who Received PPP Funding:
Capital Coal Corporation
Industry PPP Comparison Statistics
Nationwide, 137 businesses in the "Bituminous Coal Underground Mining" industry received a total of $109.86M 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 45 employees, 21% lower than Patriot Mining, LLC's reported 57 employees, and received an average PPP loan of $801,906, 7% lower than this company's loan of $866,800.
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Footnotes & Information
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