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PPP Loan Data — Speed's Oil Tool Service, Inc,
Santa Maria, CA
Speed's Oil Tool Service, Inc
Entity: Corporation
Industry: General Freight Trucking, Local
Location: Santa Maria, CA
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Speed's Oil Tool Service, Inc is a corporation located at 1573 E Betteravia Rd in Santa Maria, California that received a Coronavirus-related PPP loan from the SBA of $382,430.00 in April, 2020.
The company has reported itself as a White female owned business, and employed at least 29 people during the applicable loan loan period.
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PPP Loan Information
Loan #7967427200
Loan Size:
Jobs Retained:
29Loan Approved:
2020-04-28Loan Status:
Paid in Full or ForgivenLender:
Loan Source IncorporatedSpeed's Oil Tool Service, Inc in Santa Maria, CA received a Paycheck Protection Loan of $382,430 through Loan Source Incorporated, 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 February, 2022.
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 MoreUnderstanding 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 MoreBased 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, Speed's Oil Tool Service, Inc's 2019 payroll expenses are estimated to be at least $1.84M.
Based on their reported 29 jobs retained, this equals an estimated average yearly compensation of $63,299 per employee1
Reported PPP Proceed Usage:
On the PPP application, Speed's Oil Tool Service, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $329,162
- Rent: $20,500
- Health Care: $32,768
Business Information - Speed's Oil Tool Service, Inc in Santa Maria, CA
1573 E Betteravia Rd
Santa Maria, CA 93456
Business Industry:
General Freight Trucking, Local
NAICS code 484110
Business Owner Demographics
Race: White
Ethnicity: Not Hispanic or Latino
Gender: Female Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near Santa Maria
In the Santa Maria area, 20 businesses in the "General Freight Trucking, Local" industry received a PPP loan. These local businesses reported an average of 32 employees (compared to this company's 29) and received an average PPP loan of $488,416 (compared to this company's $382,430).
Similar Nearby Businesses Who Received PPP Funding:
Mundo Trucking Inc
Santa Maria, CA
David Gonzales Uribe
Santa Maria, CA
Pacific Petroleum California Inc
Santa Maria, CA
Octavio P Pineda
Santa Maria, CA
AG2 Transport Services LLC
Santa Maria, CA
Craig Ball Trucking, LLC
Santa Maria, CA
Cochiolo And Son Inc
Santa Maria, CA
Darren M. Simas Trucking, Inc
Santa Maria, CA
Zepeda Trucking Inc
Santa Maria, CA
Industry PPP Comparison Statistics
Nationwide, 172,277 businesses in the "General Freight Trucking, Local" industry received a total of $6.51B in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 4 employees, 86% lower than Speed's Oil Tool Service, Inc's reported 29 employees, and received an average PPP loan of $37,800, 90% lower than this company's loan of $382,430.
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.
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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