PPP Loan Data — Swing Transport Inc, Salisbury, NC
Swing Transport Inc is a limited liability company (LLC) located at 1405 N Salisbury Ave in Salisbury, North Carolina that received a Coronavirus-related PPP loan from the SBA of $1,905,700.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:First National Bank of Pennsylvania
Swing Transport Inc in Salisbury, NC received a Paycheck Protection Loan of $1.91M through First National Bank of Pennsylvania, 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, Swing Transport Inc's 2019 payroll expenses are estimated to be at least $9.15M.
Based on their reported 190 jobs retained, this equals an estimated average yearly compensation of $48,144 per employee1
Reported PPP Proceed Usage:
On the PPP application, Swing Transport Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,905,700
Business Information - Swing Transport Inc in Salisbury, NC
1405 N Salisbury Ave
Salisbury, NC 28144
General Freight Trucking, Local
NAICS code 484110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Rural
Similar Companies near Salisbury
In the Salisbury area, 10 businesses in the "General Freight Trucking, Local" industry received a PPP loan. These local businesses reported an average of 23 employees (compared to this company's 190) and received an average PPP loan of $230,965 (compared to this company's $1.91M).
Similar Nearby Businesses Who Received PPP Funding:
Robert Polk III
RJ Transports Inc
Jason Hall Faulkner
Fortson Freight Systems Inc
Industry PPP Comparison Statistics
Nationwide, 175,867 businesses in the "General Freight Trucking, Local" industry received a total of $6.6B 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, 98% lower than Swing Transport Inc's reported 190 employees, and received an average PPP loan of $37,520, 98% lower than this company's loan of $1.91M.
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Footnotes & Information
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