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

PPP Loan Data — Signature Equipment Corporation, Salt Lake City, UT

ALERT: There are 2 PPP loans for a total of $454,643 in our database for businesses with the name "Signature Equipment Corporation" in Salt Lake City, UT. 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 Signature Equipment Corporation
UT

Signature Equipment Corporation

Entity: Corporation

Industry: Automobile and Other Motor Vehicle Merchant Wholesalers

Location: Salt Lake City, UT

Search All PPP Data

Signature Equipment Corporation is a corporation located at 90 S 5100 W in Salt Lake City, Utah that received a Coronavirus-related PPP loan from the SBA of $227,320.00 in March, 2021.

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

$ PPP Loan Information
Loan #9990648505

Loan Size:

$227,320

Jobs Retained:

15

Loan Approved:

2021-03-12

Loan Status:

Ongoing Loan

Lender:

Cache Valley Bank

Signature Equipment Corporation in Salt Lake City, UT received a Paycheck Protection Loan of $227,320 through Cache Valley Bank, which was approved in March, 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.

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, Signature Equipment Corporation's 2019 payroll expenses are estimated to be at least $1.09M.

Based on their reported 15 jobs retained, this equals an estimated average yearly compensation of $72,742 per employee1

Reported PPP Proceed Usage:

On the PPP application, Signature Equipment Corporation reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $227,318
  • Utilities: $1

Business Information - Signature Equipment Corporation in Salt Lake City, UT

Signature Equipment Corporation
90 S 5100 W
Salt Lake City, UT 84104

Business Industry:
Automobile and Other Motor Vehicle Merchant Wholesalers
NAICS code 423110

Business Owner Demographics

Race: White

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: Y

HUBZone: Y

Rural / Urban: Urban

Salt Lake County, UT — SBA Office 0883 — Congressional District: UT-02

Similar Companies near Salt Lake City

In the Salt Lake City area, 7 businesses in the "Automobile and Other Motor Vehicle Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 68 employees (compared to this company's 15) and received an average PPP loan of $863,417 (compared to this company's $227,320).

Industry PPP Comparison Statistics

Nationwide, 9,731 businesses in the "Automobile and Other Motor Vehicle Merchant Wholesalers" industry received a total of $982.77M 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, 40% lower than Signature Equipment Corporation's reported 15 employees, and received an average PPP loan of $100,993, 56% lower than this company's loan of $227,320.

SBA PPP loan data, payroll data, and salaries for Signature Equipment Corporation
UT

Signature Equipment Corporation

Entity: Corporation

Industry: Motor Vehicle Supplies and New Parts Merchant Wholesalers

Location: Salt Lake City, UT

Search All PPP Data

Signature Equipment Corporation is a corporation located at 90 South 5100 West in Salt Lake City, Utah that received a Coronavirus-related PPP loan from the SBA of $227,323.00 in May, 2020.

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

$ PPP Loan Information
Loan #4630017708

Loan Size:

$227,323

Jobs Retained:

15

Loan Approved:

2020-05-01

Loan Status:

Paid in Full or Forgiven

Lender:

Wells Fargo Bank, National Association

Signature Equipment Corporation in Salt Lake City, UT received a Paycheck Protection Loan of $227,323 through Wells Fargo Bank, National Association, which was approved in May, 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 October, 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 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, Signature Equipment Corporation's 2019 payroll expenses are estimated to be at least $1.09M.

Based on their reported 15 jobs retained, this equals an estimated average yearly compensation of $72,743 per employee1

Reported PPP Proceed Usage:

On the PPP application, Signature Equipment Corporation reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $227,323

Business Information - Signature Equipment Corporation in Salt Lake City, UT

Signature Equipment Corporation
90 South 5100 West
Salt Lake City, UT 84104

Business Industry:
Motor Vehicle Supplies and New Parts Merchant Wholesalers
NAICS code 423120

Business Owner Demographics

Race: White

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: Y

HUBZone: Y

Rural / Urban: Urban

Salt Lake County, UT — SBA Office 0883 — Congressional District: UT-02

Similar Companies near Salt Lake City

In the Salt Lake City area, 2 businesses in the "Motor Vehicle Supplies and New Parts Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 17 employees (compared to this company's 15) and received an average PPP loan of $209,962 (compared to this company's $227,323).

Industry PPP Comparison Statistics

Nationwide, 5,705 businesses in the "Motor Vehicle Supplies and New Parts Merchant Wholesalers" industry received a total of $787.74M 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 14 employees, 7% lower than Signature Equipment Corporation's reported 15 employees, and received an average PPP loan of $138,079, 39% lower than this company's loan of $227,323.

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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Source: www.federalpay.org/paycheck-protection-program/signature-equipment-corporation-salt-lake-city-ut