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PPP Loan Data — Turbo Drill Industries, Inc,
Conroe, TX
Turbo Drill Industries, Inc
Entity: Subchapter S Corporation
Industry: Support Activities for Oil and Gas Operations
Location: Conroe, TX
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Turbo Drill Industries, Inc is a subchapter s corporation located at 1125 Beach Airport Rd in Conroe, Texas that received a Coronavirus-related PPP loan from the SBA of $5,727,200.00 in April, 2020.
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PPP Loan Information
Loan #9085507001
Loan Size:
Jobs Retained:
301Loan Approved:
2020-04-09Loan Status:
Ongoing LoanLender:
Frost BankTurbo Drill Industries, Inc in Conroe, TX received a Paycheck Protection Loan of $5.73M through Frost Bank, which was approved in April, 2020.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.
Read MoreUnderstanding Payroll Estimates Based On PPP Amount
Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.
Read MoreBased 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, Turbo Drill Industries, Inc's 2019 payroll expenses are estimated to be at least $27.49M.
Based on their reported 301 jobs retained, this equals an estimated average yearly compensation of $91,331 per employee1
Reported PPP Proceed Usage:
On the PPP application, Turbo Drill Industries, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $5,727,200
Business Information - Turbo Drill Industries, Inc in Conroe, TX
1125 Beach Airport Rd
Conroe, TX 77301
Business Industry:
Support Activities for Oil and Gas Operations
NAICS code 213112
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: Y
HUBZone: Y
Rural / Urban: Urban
Similar Companies near Conroe
In the Conroe area, 16 businesses in the "Support Activities for Oil and Gas Operations" industry received a PPP loan. These local businesses reported an average of 41 employees (compared to this company's 301) and received an average PPP loan of $509,430 (compared to this company's $5.73M).
Similar Nearby Businesses Who Received PPP Funding:
Daniel Pino
Conroe, TX
Canamera Coring (USA) LTD
Conroe, TX
DFI Piling Inc
Conroe, TX
Auto Chem Of Alabama LLC
Conroe, TX
Commercial Glass And Mirror Inc
Conroe, TX
Whitener Enterprises Inc
Conroe, TX
Sanvean Technologies LLC
Conroe, TX
Montana Resource Services, Inc
Conroe, TX
Industry PPP Comparison Statistics
Nationwide, 19,181 businesses in the "Support Activities for Oil and Gas Operations" industry received a total of $3.77B 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 13 employees, 96% lower than Turbo Drill Industries, Inc's reported 301 employees, and received an average PPP loan of $196,293, 97% lower than this company's loan of $5.73M.
FederalPay's PPP Information Policy
Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.
All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.
Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.
Footnotes & Information
1. Estimations for informational purposes only. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.
2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.
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