PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Sharp Oilfield Services LLC, Gainesville, TX

ALERT: There are 2 PPP loans for a total of $5.19M in our database for businesses with the name "Sharp Oilfield Services LLC" in Gainesville, TX. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Sharp Oilfield Services LLC
TX

Sharp Oilfield Services LLC

Entity: Limited Liability Company (LLC)

Industry: Support Activities for Oil and Gas Operations

Location: Gainesville, TX

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Sharp Oilfield Services LLC is a limited liability company (LLC) located at 3603 Fm 51 in Gainesville, Texas that received a Coronavirus-related PPP loan from the SBA of $1,999,900.00 in February, 2021.

The company has reported itself as a male owned business, and employed at least 74 people during the applicable loan loan period.

$ PPP Loan Information
Loan #3784728409

Loan Size:

$2M

Jobs Retained:

74

Loan Approved:

2021-02-05

Loan Status:

Ongoing Loan

Lender:

First State Bank
Likely Employment Reduction3

Sharp Oilfield Services LLC in Gainesville, TX received a Paycheck Protection Loan of $2M through First State Bank, which was approved in February, 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 74 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 More
Understanding 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 More

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, Sharp Oilfield Services LLC's 2019 payroll expenses are estimated to be at least $9.6M (not accounting for salary amounts > $100k).

Because the 74 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, Sharp Oilfield Services LLC reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,999,894
  • Utilities: $1

Business Information - Sharp Oilfield Services LLC in Gainesville, TX

Sharp Oilfield Services LLC
3603 Fm 51
Gainesville, TX 76240

Business Industry:
Support Activities for Oil and Gas Operations
NAICS code 213112

Business Owner Demographics

Race: Unreported

Ethnicity: Not Hispanic or Latino

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

Cooke County, TX — SBA Office 0610 — Congressional District: TX-13

Similar Companies near Gainesville

In the Gainesville area, 27 businesses in the "Support Activities for Oil and Gas Operations" industry received a PPP loan. These local businesses reported an average of 35 employees (compared to this company's 74) and received an average PPP loan of $581,684 (compared to this company's $2M).

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, 84% lower than Sharp Oilfield Services LLC's reported 74 employees, and received an average PPP loan of $185,360, 91% lower than this company's loan of $2M.

SBA PPP loan data, payroll data, and salaries for Sharp Oilfield Services, LLC
TX

Sharp Oilfield Services, LLC

Entity: Limited Liability Company (LLC)

Industry: Office Administrative Services

Location: Gainesville, TX

Search All PPP Data

Sharp Oilfield Services, LLC is a limited liability company (LLC) located at 3603 Fm 51 in Gainesville, Texas that received a Coronavirus-related PPP loan from the SBA of $3,185,700.00 in April, 2020.

The company has reported itself as a male owned business, and employed at least 127 people during the applicable loan loan period.

$ PPP Loan Information
Loan #5543297010

Loan Size:

$3.19M

Jobs Retained:

127

Loan Approved:

2020-04-05

Loan Status:

Ongoing Loan

Lender:

First State Bank
Likely Employment Reduction3

Sharp Oilfield Services, LLC in Gainesville, TX received a Paycheck Protection Loan of $3.19M through First State 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 127 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 153. 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 More
Understanding 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 More

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, Sharp Oilfield Services, LLC's 2019 payroll expenses are estimated to be at least $15.29M (not accounting for salary amounts > $100k).

Because the 127 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, Sharp Oilfield Services, LLC reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $2,675,167
  • Utilities: $123,871
  • Mortgage Interest: $140,000
  • Health Care: $246,662
Because the loan received by Sharp Oilfield Services, LLC is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Sharp Oilfield Services, LLC in Gainesville, TX

Sharp Oilfield Services, LLC
3603 Fm 51
Gainesville, TX 76240

Business Industry:
Office Administrative Services
NAICS code 561110

Business Owner Demographics

Race: Unreported

Ethnicity: Not Hispanic or Latino

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

Cooke County, TX — SBA Office 0610 — Congressional District: TX-13

Similar Companies near Gainesville

In the Gainesville area, 6 businesses in the "Office Administrative Services" industry received a PPP loan. These local businesses reported an average of 29 employees (compared to this company's 127) and received an average PPP loan of $615,233 (compared to this company's $3.19M).

Industry PPP Comparison Statistics

Nationwide, 44,947 businesses in the "Office Administrative Services" industry received a total of $2.36B 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 6 employees, 95% lower than Sharp Oilfield Services, LLC's reported 127 employees, and received an average PPP loan of $52,468, 98% lower than this company's loan of $3.19M.

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.

Search FederalPay's Full PPP Loan Database

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.

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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Source: www.federalpay.org/paycheck-protection-program/sharp-oilfield-services-llc-gainesville-tx