PPP Loan Data — Southern Pump And Tank Company, LLC, Charlotte, NC
Southern Pump And Tank Company, LLC
Entity: Limited Liability Company (LLC)
Location: Charlotte, NCTweet This • Search All PPP Data
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 Status:Paid in Full or Forgiven
Lender:The Bancorp Bank
Southern Pump And Tank Company, LLC in Charlotte, NC received a Paycheck Protection Loan of $5.1M through The Bancorp Bank, 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
Understanding Payroll Estimates Based On PPP Amount
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
Business Information - Southern Pump And Tank Company, LLC in Charlotte, NC
8303 University Executive Park Drive Suite 400
Charlotte, NC 28262
Industrial Machinery and Equipment Merchant Wholesalers
NAICS code 423830
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Veteran Status: Non-Veteran
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 11,033 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 $203,255, 96% lower than this company's loan of $5.1M.
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Footnotes & Information
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