PPP Loan Data — Tom's Patch And Paint Co Inc, Joppa, MD
Tom's Patch And Paint Co Inc is a corporation located at 68 Haverhill Road in Joppa, Maryland that received a Coronavirus-related PPP loan from the SBA of $25,295.00 in April, 2020.
The company has reported itself as a male veteran owned business, and employed at least six people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Manufacturers and Traders Trust Company
Tom's Patch And Paint Co Inc in Joppa, MD received a Paycheck Protection Loan of $25,295 through Manufacturers and Traders Trust Company, 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 January, 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, Tom's Patch And Paint Co Inc's 2019 payroll expenses are estimated to be at least $121,416.
Based on their reported 6 jobs retained, this equals an estimated average yearly compensation of $20,236 per employee1
Reported PPP Proceed Usage:
On the PPP application, Tom's Patch And Paint Co Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,295
Business Information - Tom's Patch And Paint Co Inc in Joppa, MD
68 Haverhill Road
Joppa, MD 21085
Painting and Wall Covering Contractors
NAICS code 238320
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Joppa
In the Joppa area, 10 businesses in the "Painting and Wall Covering Contractors" industry received a PPP loan. These local businesses reported an average of 4 employees (compared to this company's 6) and received an average PPP loan of $19,178 (compared to this company's $25,295).
Similar Nearby Businesses Who Received PPP Funding:
Letke Security Contractors Inc
Tom's Patch & Paint Co. Inc
Straight Forward Painting
Frank Henry Morrison
Diamond Painting Inc
Stuart Chaires Painting LLC
Diamond Painting Co. Inc
Industry PPP Comparison Statistics
Nationwide, 50,571 businesses in the "Painting and Wall Covering Contractors" industry received a total of $2.46B 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 5 employees, 17% lower than Tom's Patch And Paint Co Inc's reported 6 employees, and received an average PPP loan of $48,668, 92% higher than this company's loan of $25,295.
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Footnotes & Information
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