PPP Loan Data — Tight Lines Marine LLC, Lake Worth, FL
Tight Lines Marine LLC is a corporation located at 1116 S Dixie Highway in Lake Worth, Florida that received a Coronavirus-related PPP loan from the SBA of $45,877.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least three people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Legacy Bank of Florida
Tight Lines Marine LLC in Lake Worth, FL received a Paycheck Protection Loan of $45,877 through Legacy Bank of Florida, 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, Tight Lines Marine LLC's 2019 payroll expenses are estimated to be at least $220,210.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $73,403 per employee1
Reported PPP Proceed Usage:
On the PPP application, Tight Lines Marine LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $45,877
Business Information - Tight Lines Marine LLC in Lake Worth, FL
1116 S Dixie Highway
Lake Worth, FL 33462
NAICS code 441222
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Unreported
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Lake Worth
In the Lake Worth area, 3 businesses in the "Boat Dealers" industry received a PPP loan. These local businesses reported an average of 2 employees (compared to this company's 3) and received an average PPP loan of $18,045 (compared to this company's $45,877).
Similar Nearby Businesses Who Received PPP Funding:
West Palm Beach, FL
South Florida Marine Services, Inc
Industry PPP Comparison Statistics
Nationwide, 3,914 businesses in the "Boat Dealers" industry received a total of $339.91M 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 9 employees, 200% higher than Tight Lines Marine LLC's reported 3 employees, and received an average PPP loan of $86,846, 89% higher than this company's loan of $45,877.
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Footnotes & Information
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