PPP Loan Data — Quality Transport Inc, Jal, NM
Quality Transport Inc is a subchapter s corporation located at 7 Crawford Ln in Jal, New Mexico that received a Coronavirus-related PPP loan from the SBA of $2,784,500.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:First American Bank
Quality Transport Inc in Jal, NM received a Paycheck Protection Loan of $2.78M through First American Bank, which was approved in April, 2020.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 134. 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
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, Quality Transport Inc's 2019 payroll expenses are estimated to be at least $13.37M (not accounting for salary amounts > $100k).
Because the 55 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, Quality Transport Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,784,500
Business Information - Quality Transport Inc in Jal, NM
7 Crawford Ln
Jal, NM 88252
Support Activities for Oil and Gas Operations
NAICS code 213112
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Jal
In the Jal area, 10 businesses in the "Support Activities for Oil and Gas Operations" industry received a PPP loan. These local businesses reported an average of 16 employees (compared to this company's 55) and received an average PPP loan of $429,097 (compared to this company's $2.78M).
Similar Nearby Businesses Who Received PPP Funding:
Shawn Mccormick LLC
Lake Arthur, NM
Fulco Trucking LLC
Blue Star Services, LLC
LEA Energy Services, LLC
Panther Energy Services LLC
Cuatro Transportation Inc
Industry PPP Comparison Statistics
Nationwide, 20,810 businesses in the "Support Activities for Oil and Gas Operations" industry received a total of $3.86B 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 12 employees, 78% lower than Quality Transport Inc's reported 55 employees, and received an average PPP loan of $185,360, 93% lower than this company's loan of $2.78M.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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