PPP Loan Data — Reid Petroleum Inc, Lockport, NY
Reid Petroleum Inc
Industry: Petroleum and Petroleum Products Merchant Wholesalers (except Bulk Stations and Terminals)
Location: Lockport, NYTweet This • Search All PPP Data
Reid Petroleum Inc is a corporation located at 100 West Genesee Street in Lockport, New York that received a Coronavirus-related PPP loan from the SBA of $1,519,445.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Manufacturers and Traders Trust Company
Reid Petroleum Inc in Lockport, NY received a Paycheck Protection Loan of $1.52M through Manufacturers and Traders 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 April, 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, Reid Petroleum Inc's 2019 payroll expenses are estimated to be at least $7.29M.
Based on their reported 94 jobs retained, this equals an estimated average yearly compensation of $77,589 per employee1
Reported PPP Proceed Usage:
On the PPP application, Reid Petroleum Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,235,740
- Rent: $133,705
- Health Care: $150,000
Business Information - Reid Petroleum Inc in Lockport, NY
100 West Genesee Street
Lockport, NY 14095
Petroleum and Petroleum Products Merchant Wholesalers (except Bulk Stations and Terminals)
NAICS code 424720
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 3,488 businesses in the "Petroleum and Petroleum Products Merchant Wholesalers (except Bulk Stations and Terminals)" industry received a total of $829.52M 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 23 employees, 76% lower than Reid Petroleum Inc's reported 94 employees, and received an average PPP loan of $237,822, 84% lower than this company's loan of $1.52M.
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Footnotes & Information
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