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PPP Loan Data — Simmons Farm Raised Catfish Inc, Yazoo City, MS

ALERT: There are 2 PPP loans for a total of $2.52M in our database for businesses with the name "Simmons Farm Raised Catfish Inc" in Yazoo City, MS. 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 Simmons Farm Raised Catfish Inc
MS

Simmons Farm Raised Catfish Inc

Entity: Corporation

Industry: Seafood Product Preparation and Packaging

Location: Yazoo City, MS

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Simmons Farm Raised Catfish Inc is a corporation located at 2628 Erickson Rd in Yazoo City, Mississippi that received a Coronavirus-related PPP loan from the SBA of $1,257,658.00 in February, 2021.

$ PPP Loan Information
Loan #3763998508

Loan Size:

$1.26M

Jobs Retained:

199

Loan Approved:

2021-02-24

Loan Status:

Ongoing Loan

Lender:

BankPlus

Simmons Farm Raised Catfish Inc in Yazoo City, MS received a Paycheck Protection Loan of $1.26M through BankPlus, 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.

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, Simmons Farm Raised Catfish Inc's 2019 payroll expenses are estimated to be at least $6.04M.

Based on their reported 199 jobs retained, this equals an estimated average yearly compensation of $30,335 per employee1

Reported PPP Proceed Usage:

On the PPP application, Simmons Farm Raised Catfish Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,257,657
  • Utilities: $1

Business Information - Simmons Farm Raised Catfish Inc in Yazoo City, MS

Simmons Farm Raised Catfish Inc
2628 Erickson Rd
Yazoo City, MS 39194

Business Industry:
Seafood Product Preparation and Packaging
NAICS code 311710

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: Y

Rural / Urban: Rural

Yazoo County, MS — SBA Office 0470 — Congressional District: MS-02

Industry PPP Comparison Statistics

Nationwide, 1,094 businesses in the "Seafood Product Preparation and Packaging" industry received a total of $195.27M 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 22 employees, 89% lower than Simmons Farm Raised Catfish Inc's reported 199 employees, and received an average PPP loan of $178,495, 86% lower than this company's loan of $1.26M.

SBA PPP loan data, payroll data, and salaries for Simmons Farm Raised Catfish, Inc
MS

Simmons Farm Raised Catfish, Inc

Entity: Corporation

Industry: Animal (except Poultry) Slaughtering

Location: Yazoo City, MS

Search All PPP Data

Simmons Farm Raised Catfish, Inc is a corporation located at 2628 Erickson Rd in Yazoo City, Mississippi that received a Coronavirus-related PPP loan from the SBA of $1,257,600.00 in April, 2020.

$ PPP Loan Information
Loan #6316697104

Loan Size:

$1.26M

Jobs Retained:

209

Loan Approved:

2020-04-14

Loan Status:

Paid in Full or Forgiven

Lender:

BankPlus

Simmons Farm Raised Catfish, Inc in Yazoo City, MS received a Paycheck Protection Loan of $1.26M through BankPlus, 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 January, 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, Simmons Farm Raised Catfish, Inc's 2019 payroll expenses are estimated to be at least $6.04M.

Based on their reported 209 jobs retained, this equals an estimated average yearly compensation of $28,883 per employee1

Reported PPP Proceed Usage:

On the PPP application, Simmons Farm Raised Catfish, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,022,600
  • Utilities: $80,000
  • Mortgage Interest: $30,000
  • Rent: $50,000
  • Health Care: $75,000

Business Information - Simmons Farm Raised Catfish, Inc in Yazoo City, MS

Simmons Farm Raised Catfish, Inc
2628 Erickson Rd
Yazoo City, MS 39194

Business Industry:
Animal (except Poultry) Slaughtering
NAICS code 311611

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: Y

Rural / Urban: Rural

Yazoo County, MS — SBA Office 0470 — Congressional District: MS-02

Similar Companies near Yazoo City

In the Yazoo City area, 2 businesses in the "Animal (except Poultry) Slaughtering" industry received a PPP loan. These local businesses reported an average of 106 employees (compared to this company's 209) and received an average PPP loan of $648,250 (compared to this company's $1.26M).

Similar Nearby Businesses Who Received PPP Funding:

Simmons Farms Partnership
Yazoo City, MS

$38,900 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 558 businesses in the "Animal (except Poultry) Slaughtering" industry received a total of $97.62M 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 21 employees, 90% lower than Simmons Farm Raised Catfish, Inc's reported 209 employees, and received an average PPP loan of $174,946, 86% lower than this company's loan of $1.26M.

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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/simmons-farm-raised-catfish-inc-yazoo-city-ms