PPP Loan Data — Spectrum Paint East, LLC, Tulsa, OK
Spectrum Paint East, LLC is a limited liability company (LLC) located at 15247 E Skelly Dr in Tulsa, Oklahoma that received a Coronavirus-related PPP loan from the SBA of $1,534,000.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least 159 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:INTRUST Bank, National Association
Spectrum Paint East, LLC in Tulsa, OK received a Paycheck Protection Loan of $1.53M through INTRUST 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 January, 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, Spectrum Paint East, LLC's 2019 payroll expenses are estimated to be at least $7.36M.
Based on their reported 159 jobs retained, this equals an estimated average yearly compensation of $46,309 per employee1
Reported PPP Proceed Usage:
On the PPP application, Spectrum Paint East, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,534,000
Business Information - Spectrum Paint East, LLC in Tulsa, OK
15247 E Skelly Dr
Tulsa, OK 74116
Paint and Wallpaper Stores
NAICS code 444120
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Tulsa
In the Tulsa area, 2 businesses in the "Paint and Wallpaper Stores" industry received a PPP loan. These local businesses reported an average of 234 employees (compared to this company's 159) and received an average PPP loan of $2,259,500 (compared to this company's $1.53M).
Similar Nearby Businesses Who Received PPP Funding:
Spectrum Paint Company, Inc
Industry PPP Comparison Statistics
Nationwide, 1,880 businesses in the "Paint and Wallpaper Stores" industry received a total of $113.37M 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 7 employees, 96% lower than Spectrum Paint East, LLC's reported 159 employees, and received an average PPP loan of $60,301, 96% lower than this company's loan of $1.53M.
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Footnotes & Information
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