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PPP Loan Data — Power Rig LLC,
Woodward, OK
Power Rig LLC
Entity: Limited Liability Company (LLC)
Industry: Drilling Oil and Gas Wells
Location: Woodward, OK
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Power Rig LLC is a limited liability company (LLC) located at 199584 E County Road 39 in Woodward, Oklahoma that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in January, 2021.
The company has reported itself as a male owned business, and employed at least 83 people during the applicable loan loan period.
$
PPP Loan Information
Loan #1682438307
Loan Size:
Jobs Retained:
83Loan Approved:
2021-01-19Loan Status:
Ongoing LoanLender:
Bank 7Power Rig LLC in Woodward, OK received a Paycheck Protection Loan of $2M through Bank 7, 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.
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 83 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 96. 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
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 MoreUnderstanding 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 MoreBased 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, Power Rig LLC's 2019 payroll expenses are estimated to be at least $9.6M (not accounting for salary amounts > $100k).
Because the 83 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, Power Rig LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,997
- Utilities: $1
Business Information - Power Rig LLC in Woodward, OK
199584 E County Road 39
Woodward, OK 73801
Business Industry:
Drilling Oil and Gas Wells
NAICS code 213111
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
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: Rural
Similar Companies near Woodward
In the Woodward area, 24 businesses in the "Drilling Oil and Gas Wells" industry received a PPP loan. These local businesses reported an average of 21 employees (compared to this company's 83) and received an average PPP loan of $441,062 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Mid-Con Exploration LLC
Woodward, OK
Wildcat Drilling Servises Inc
Woodward, OK
Shannon Laverty
Woodward, OK
Robert Allen
Woodward, OK
Heath Hoock
Woodward, OK
T4 Consulting
Woodward, OK
Carlinda Thornton
Woodward, OK
Dennis Crossland
Woodward, OK
Security Compression
Woodward, OK
Industry PPP Comparison Statistics
Nationwide, 5,493 businesses in the "Drilling Oil and Gas Wells" industry received a total of $749.33M 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 9 employees, 89% lower than Power Rig LLC's reported 83 employees, and received an average PPP loan of $136,416, 93% lower than this company's loan of $2M.
Power Rig, LLC
Entity: Limited Liability Company (LLC)
Industry: Drilling Oil and Gas Wells
Location: Woodward, OK
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Power Rig, LLC is a limited liability company (LLC) located at 5060 Western Ave in Woodward, Oklahoma that received a Coronavirus-related PPP loan from the SBA of $2,890,300.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 156 people during the applicable loan loan period.
$
PPP Loan Information
Loan #6005257104
Loan Size:
Jobs Retained:
156Loan Approved:
2020-04-14Loan Status:
Paid in Full or ForgivenLender:
Bank 7Power Rig, LLC in Woodward, OK received a Paycheck Protection Loan of $2.89M through Bank 7, 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 May, 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 MoreUnderstanding 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 MoreBased 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, Power Rig, LLC's 2019 payroll expenses are estimated to be at least $13.87M.
Based on their reported 156 jobs retained, this equals an estimated average yearly compensation of $88,932 per employee1
Reported PPP Proceed Usage:
On the PPP application, Power Rig, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,478,300
- Utilities: $4,000
- Mortgage Interest: $75,000
- Rent: $8,000
- Health Care: $325,000
Business Information - Power Rig, LLC in Woodward, OK
5060 Western Ave
Woodward, OK 73801
Business Industry:
Drilling Oil and Gas Wells
NAICS code 213111
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
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: Rural
Similar Companies near Woodward
In the Woodward area, 24 businesses in the "Drilling Oil and Gas Wells" industry received a PPP loan. These local businesses reported an average of 21 employees (compared to this company's 156) and received an average PPP loan of $441,062 (compared to this company's $2.89M).
Similar Nearby Businesses Who Received PPP Funding:
Mid-Con Exploration LLC
Woodward, OK
Wildcat Drilling Servises Inc
Woodward, OK
Shannon Laverty
Woodward, OK
Robert Allen
Woodward, OK
Heath Hoock
Woodward, OK
T4 Consulting
Woodward, OK
Carlinda Thornton
Woodward, OK
Dennis Crossland
Woodward, OK
Security Compression
Woodward, OK
Industry PPP Comparison Statistics
Nationwide, 5,493 businesses in the "Drilling Oil and Gas Wells" industry received a total of $749.33M 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 9 employees, 94% lower than Power Rig, LLC's reported 156 employees, and received an average PPP loan of $136,416, 95% lower than this company's loan of $2.89M.
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.
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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