PPP Loan Data — Summit Engineering Laboratory & Testing PC, Fort Mill, SC
Summit Engineering Laboratory & Testing PC is a corporation located at 3575 Centre Circle in Fort Mill, South Carolina that received a Coronavirus-related PPP loan from the SBA of $1,973,300.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Summit Engineering Laboratory & Testing PC in Fort Mill, SC received a Paycheck Protection Loan of $1.97M through Renasant Bank, which was approved in April, 2020.
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, Summit Engineering Laboratory & Testing PC's 2019 payroll expenses are estimated to be at least $9.47M.
Based on their reported 154 jobs retained, this equals an estimated average yearly compensation of $61,505 per employee1
Reported PPP Proceed Usage:
On the PPP application, Summit Engineering Laboratory & Testing PC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,973,300
Business Information - Summit Engineering Laboratory & Testing PC in Fort Mill, SC
3575 Centre Circle
Fort Mill, SC 29715
NAICS code 541330
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Fort Mill
In the Fort Mill area, 4 businesses in the "Engineering Services" industry received a PPP loan. These local businesses reported an average of 40 employees (compared to this company's 154) and received an average PPP loan of $504,090 (compared to this company's $1.97M).
Similar Nearby Businesses Who Received PPP Funding:
Global Health Systems Inc
Fort Mill, SC
Seedwater Engineering, Inc
Fort Mill, SC
Industry PPP Comparison Statistics
Nationwide, 47,152 businesses in the "Engineering Services" industry received a total of $9.19B 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 13 employees, 92% lower than Summit Engineering Laboratory & Testing PC's reported 154 employees, and received an average PPP loan of $194,873, 90% lower than this company's loan of $1.97M.
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Footnotes & Information
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