PPP Loan Data — Southern Pump And Tank Company, LLC, Charlotte, NC

Southern Pump And Tank Company, LLC

Entity: Limited Liability Company (LLC)

Industry: Industrial Machinery and Equipment Merchant Wholesalers

Location: Charlotte, NC

Southern Pump And Tank Company, LLC is a limited liability company (LLC) located at 8303 University Executive Park Drive Suite 400 in Charlotte, North Carolina that received a Coronavirus-related PPP loan from the SBA of $5,100,000.00 in April, 2020.

The company has reported itself as a White owned business, and employed at least 250 people during the applicable loan loan period.

$ PPP Loan Information
Loan #1118307110

Loan Size:

$5.1M

Jobs Retained:

250

Loan Approved:

2020-04-09

Loan Status:

Paid in Full or Forgiven

Lender:

The Bancorp Bank National Association

Southern Pump And Tank Company, LLC in Charlotte, NC received a Paycheck Protection Loan of $5.1M through The Bancorp Bank 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, Southern Pump And Tank Company, LLC's 2019 payroll expenses are estimated to be at least $24.48M.

Based on their reported 250 jobs retained, this equals an estimated average yearly compensation of $97,920 per employee¹

Reported PPP Proceed Usage:

On the PPP application, Southern Pump And Tank Company, LLC reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $5,100,000

Because the loan received by Southern Pump And Tank Company, 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 - Southern Pump And Tank Company, LLC in Charlotte, NC

Southern Pump And Tank Company, LLC
8303 University Executive Park Drive Suite 400
Charlotte, NC 28262

Business Industry:
Industrial Machinery and Equipment Merchant Wholesalers
NAICS code 423830

Business Owner Demographics

Race: White

Ethnicity: Not Hispanic or Latino

Gender: Unreported

Veteran Status: Non-Veteran

Business Demographics

Business Age: New Business or 2 years or less

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Mecklenburg County, NC — SBA Office 0460 — Congressional District: NC-12

Industry PPP Comparison Statistics

Nationwide, 11,031 businesses in the "Industrial Machinery and Equipment Merchant Wholesalers" industry received a total of $2.24B 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 15 employees, 94% lower than Southern Pump And Tank Company, LLC's reported 250 employees, and received an average PPP loan of $203,261, 96% lower than this company's loan of $5.1M.

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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