Pickup Now, Inc is a corporation located at 5068 Plano Parkway in Plano, Texas that received a Coronavirus-related PPP loan from the SBA of $2,720,358.00 in April, 2020.

$ PPP Loan Information

Loan #7849817100

Pickup Now, Inc in Plano, TX received a Paycheck Protection Loan of $2.72M through Texas Capital Bank, 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.

The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 86 jobs reported as retained on the PPP application³. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.

The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 131. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

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, Pickup Now, Inc's 2019 payroll expenses are estimated to be at least $13.06M (not accounting for salary amounts > $100k).

Because the 86 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.

Reported PPP Proceed Usage:

On the PPP application, Pickup Now, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

• Payroll: $2,676,358
• Utilities: $10,000
• Rent: $34,000

Business Information - Pickup Now, Inc in Plano, TX

Similar Companies near Plano

In the Plano area, 52 businesses in the "Couriers and Express Delivery Services" industry received a PPP loan. These local businesses reported an average of 3 employees (compared to this company's 86) and received an average PPP loan of $60,969 (compared to this company's $2.72M).

Industry PPP Comparison Statistics

Nationwide, 86,084 businesses in the "Couriers and Express Delivery Services" industry received a total of $1.34B 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 2 employees, 98% lower than Pickup Now, Inc's reported 86 employees, and received an average PPP loan of $15,511, 99% lower than this company's loan of $2.72M.