PPP Loan Data — Trust Security Inc, Covington, GA
Trust Security Inc is a corporation located at 12620 Highway 278 in Covington, Georgia that received a Coronavirus-related PPP loan from the SBA of $25,000.00 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:Paid in Full or Forgiven
Lender:Bank of Monticello
Trust Security Inc in Covington, GA received a Paycheck Protection Loan of $25,000 through Bank of Monticello, 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 November, 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, Trust Security 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, Trust Security Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $20,000
- Utilities: $5,000
Business Information - Trust Security Inc in Covington, GA
12620 Highway 278
Covington, GA 30014
Security Systems Services (except Locksmiths)
NAICS code 561621
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Covington
In the Covington area, 9 businesses in the "Security Systems Services (except Locksmiths)" industry received a PPP loan. These local businesses reported an average of 5 employees (compared to this company's 3) and received an average PPP loan of $47,918 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Alpha Fire & Security Inc
Banner Commercial Security Systems Inc
Lookout Security Solutions LLC
Jason D Davis
Nichols Security Commercial, LLC
Industry PPP Comparison Statistics
Nationwide, 9,089 businesses in the "Security Systems Services (except Locksmiths)" industry received a total of $1.11B 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 Trust Security Inc's reported 3 employees, and received an average PPP loan of $122,118, 388% higher than this company's loan of $25,000.
FederalPay's PPP Information Policy
Footnotes & Information
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