PPP Loan Data — Tommy's Steel & Salvage Inc, Pasco, WA
Tommy's Steel & Salvage Inc is a corporation located at 904 Oregon Ave S in Pasco, Washington that received a Coronavirus-related PPP loan from the SBA of $24,955.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:U.S. Bank, National Association
Tommy's Steel & Salvage Inc in Pasco, WA received a Paycheck Protection Loan of $24,955 through U.S. Bank, National Association, which was approved in May, 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, Tommy's Steel & Salvage Inc's 2019 payroll expenses are estimated to be at least $119,784.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $39,928 per employee1
Reported PPP Proceed Usage:
On the PPP application, Tommy's Steel & Salvage Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,955
Business Information - Tommy's Steel & Salvage Inc in Pasco, WA
904 Oregon Ave S
Pasco, WA 99301
Recyclable Material Merchant Wholesalers
NAICS code 423930
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Pasco
In the Pasco area, 2 businesses in the "Recyclable Material Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 12 employees (compared to this company's 3) and received an average PPP loan of $94,121 (compared to this company's $24,955).
Similar Nearby Businesses Who Received PPP Funding:
Pasco Auto Wrecking, Inc
Industry PPP Comparison Statistics
Nationwide, 7,225 businesses in the "Recyclable Material Merchant Wholesalers" industry received a total of $953.32M 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 14 employees, 367% higher than Tommy's Steel & Salvage Inc's reported 3 employees, and received an average PPP loan of $131,947, 429% higher than this company's loan of $24,955.
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Footnotes & Information
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