PPP Loan Data — Pick Production Equipment Corporation, Sterling, CO
Pick Production Equipment Corporation
Location: Sterling, COTweet This • Search All PPP Data
Pick Production Equipment Corporation is a cooperative located at 14765 Highway 14 in Sterling, Colorado that received a Coronavirus-related PPP loan from the SBA of $24,920.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least six people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Bank of Colorado
Pick Production Equipment Corporation in Sterling, CO received a Paycheck Protection Loan of $24,920 through Bank of Colorado, 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 January, 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, Pick Production Equipment Corporation's 2019 payroll expenses are estimated to be at least $119,616.
Based on their reported 6 jobs retained, this equals an estimated average yearly compensation of $19,936 per employee1
Reported PPP Proceed Usage:
On the PPP application, Pick Production Equipment Corporation reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,920
Business Information - Pick Production Equipment Corporation in Sterling, CO
14765 Highway 14
Sterling, CO 80751
Industrial Machinery and Equipment Merchant Wholesalers
NAICS code 423830
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: New Business or 2 years or less
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Sterling
In the Sterling area, 2 businesses in the "Industrial Machinery and Equipment Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 10 employees (compared to this company's 6) and received an average PPP loan of $87,072 (compared to this company's $24,920).
Similar Nearby Businesses Who Received PPP Funding:
Frontier Fabricating, LLC
Industry PPP Comparison Statistics
Nationwide, 11,076 businesses in the "Industrial Machinery and Equipment Merchant Wholesalers" industry received a total of $2.24B 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 15 employees, 150% higher than Pick Production Equipment Corporation's reported 6 employees, and received an average PPP loan of $202,534, 713% higher than this company's loan of $24,920.
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