PPP Loan Data — Shipex Inc, Salt Lake City, UT

Shipex Inc

Entity: Corporation

Industry: General Freight Trucking, Local

Location: Salt Lake City, UT

Shipex Inc is a corporation located at 376 E 400 S in Salt Lake City, Utah that received a Coronavirus-related PPP loan from the SBA of $5,847,725.00 in April, 2020.

The company has reported itself as a White male owned business, and employed at least 428 people during the applicable loan loan period.

$ PPP Loan Information
Loan #5086127107

Loan Size:

$5.85M

Jobs Retained:

428

Loan Approved:

2020-04-13

Loan Status:

Paid in Full or Forgiven

Lender:

KeyBank National Association

Shipex Inc in Salt Lake City, UT received a Paycheck Protection Loan of $5.85M through KeyBank National Association, 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 July, 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.

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.

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, Shipex Inc's 2019 payroll expenses are estimated to be at least $28.07M.

Based on their reported 428 jobs retained, this equals an estimated average yearly compensation of $65,582 per employee¹

Reported PPP Proceed Usage:

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

Payroll: $5,847,725

Because the loan received by Shipex Inc 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 - Shipex Inc in Salt Lake City, UT

Shipex Inc
376 E 400 S
Salt Lake City, UT 84111

Business Industry:
General Freight Trucking, Local
NAICS code 484110

Business Owner Demographics

Race: White

Ethnicity: Unreported

Gender: Male Owned

Veteran Status: Unreported

Business Demographics

Business Age:

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

Salt Lake County, UT — SBA Office 0883 — Congressional District: UT-01

Businesses Using Same Address:

There is one other business that received a PPP loan registered to the same address as Shipex Inc.

BDA Consulting LLC
Residential Property Managers

$18,569 PPP Loan

Similar Companies near Salt Lake City

In the Salt Lake City area, 2 businesses in the "General Freight Trucking, Local" industry received a PPP loan. These local businesses reported an average of 215 employees (compared to this company's 428) and received an average PPP loan of $2,934,279 (compared to this company's $5.85M).

Similar Nearby Businesses Who Received PPP Funding:

Willie Johnson
Salt Lake City, UT

$20,833 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 172,276 businesses in the "General Freight Trucking, Local" industry received a total of $6.51B in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 1% of the total PPP funding allocated.

PPP recipients in this industry report an average of 4 employees, 99% lower than Shipex Inc's reported 428 employees, and received an average PPP loan of $37,801, 99% lower than this company's loan of $5.85M.

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.

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