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PPP Loan Data — South Plains Implement, LTD, Seminole, TX

SBA PPP loan data, payroll data, and salaries for South Plains Implement, LTD
TX

South Plains Implement, LTD

Entity: Partnership

Industry: Farm and Garden Machinery and Equipment Merchant Wholesalers

Location: Seminole, TX

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South Plains Implement, LTD is a partnership located at 204 Us Highway 385 in Seminole, Texas that received a Coronavirus-related PPP loan from the SBA of $4,481,000.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$4.48M

Jobs Retained:

276

Loan Approved:

2020-04-07

Lender:

LONE STAR STATE BANK OF WEST TEXAS

South Plains Implement, LTD received a Paycheck Protection Loan of $4.48M through LONE STAR STATE BANK OF WEST TEXAS, which was approved in April, 2020.

Based on standard PPP eligibility rules, South Plains Implement, LTD's total 2019 payroll expenses were approximately $21.51M in order to qualify for the PPP loan amount received.

Based on their reported 276 jobs retained, this equals an estimated average yearly compensation of $77,930 per employee1.

Because the loan received by South Plains Implement, LTD 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 - South Plains Implement, LTD in Seminole, TX

South Plains Implement, LTD
204 Us Highway 385
Seminole, TX 79360

Business Industry

Farm and Garden Machinery and Equipment Merchant Wholesalers (NAICS code 423820)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: TX-19

Industry PPP Comparison Statistics

Nationwide, 2,270 businesses in the "Farm and Garden Machinery and Equipment Merchant Wholesalers" industry received a total of $573,983,487.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.

PPP recipients in this industry report an average of 19 employees, 93% lower than South Plains Implement, LTD's reported 276 employees, and received an average PPP loan of $252,856, 94% lower than this company's loan of $4.48M.

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.

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Footnotes & Information

1. 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/south-plains-implement-ltd-seminole-tx