PPP Loan Data — Steve Errington, Farmington, NM
Entity: Sole Proprietorship
Location: Farmington, NMTweet This • Search All PPP Data
Steve Errington is a sole proprietorship located at 4601 E Main St Ste 510 in Farmington, New Mexico that received a Coronavirus-related PPP loan from the SBA of $24,875.00 in January, 2021.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Four Corners Community Bank
Steve Errington in Farmington, NM received a Paycheck Protection Loan of $24,875 through Four Corners Community Bank, which was approved 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, Steve Errington's 2019 payroll expenses are estimated to be at least $119,400.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $39,800 per employee1
Reported PPP Proceed Usage:
On the PPP application, Steve Errington reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,873
- Utilities: $1
Business Information - Steve Errington in Farmington, NM
4601 E Main St Ste 510
Farmington, NM 87402
All Other Miscellaneous Store Retailers (except Tobacco Stores)
NAICS code 453998
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Farmington
In the Farmington area, 11 businesses in the "All Other Miscellaneous Store Retailers (except Tobacco Stores)" industry received a PPP loan. These local businesses reported an average of 6 employees (compared to this company's 3) and received an average PPP loan of $40,265 (compared to this company's $24,875).
Similar Nearby Businesses Who Received PPP Funding:
Microbial Energy Enterprises, Inc
Days Sport Stop, LLC
Foutz Family Corporation
Sleep-N-Aire Of Farmington, Inc
The Mattress Outlet, LLC
Industry PPP Comparison Statistics
Nationwide, 152,436 businesses in the "All Other Miscellaneous Store Retailers (except Tobacco Stores)" industry received a total of $5.23B in PPP loans. These businesses account for 1% 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, 33% higher than Steve Errington's reported 3 employees, and received an average PPP loan of $34,329, 38% higher than this company's loan of $24,875.
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Footnotes & Information
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