PPP Loan Data — Titan Resources Inc, Williston, ND
Titan Resources Inc is a corporation located at 1500 14th St W Suite 230 in Williston, North Dakota that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Western Cooperative CU
Titan Resources Inc in Williston, ND received a Paycheck Protection Loan of $25,000 through Western Cooperative CU, 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, 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, Titan Resources Inc's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $40,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Titan Resources Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Titan Resources Inc in Williston, ND
1500 14th St W Suite 230
Williston, ND 58801
Support Activities for Oil and Gas Operations
NAICS code 213112
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Williston
In the Williston area, 202 businesses in the "Support Activities for Oil and Gas Operations" industry received a PPP loan. These local businesses reported an average of 17 employees (compared to this company's 3) and received an average PPP loan of $310,120 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
H. & L. Rentals And Well Service Inc
Red River Oilfield Services Inc
All Fab & Weld, Inc
Midwest Production Service, Inc
Northwest Water Transfer LLC
Empire Oil Company
Michael A. Durbin
T5 Consulting LLC
The '85' Disposal, Inc
Industry PPP Comparison Statistics
Nationwide, 20,810 businesses in the "Support Activities for Oil and Gas Operations" industry received a total of $3.86B 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 12 employees, 300% higher than Titan Resources Inc's reported 3 employees, and received an average PPP loan of $185,360, 641% higher than this company's loan of $25,000.
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Footnotes & Information
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