PPP Loan Data — United Petrleum, Inc, Marion, IA
United Petrleum, Inc is a corporation located at 5005 10th Ave in Marion, Iowa that received a Coronavirus-related PPP loan from the SBA of $24,950.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Great Western Bank
United Petrleum, Inc in Marion, IA received a Paycheck Protection Loan of $24,950 through Great Western Bank, 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 April, 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, United Petrleum, Inc's 2019 payroll expenses are estimated to be at least $119,760.
Based on their reported 6 jobs retained, this equals an estimated average yearly compensation of $19,960 per employee1
Reported PPP Proceed Usage:
On the PPP application, United Petrleum, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,950
Business Information - United Petrleum, Inc in Marion, IA
5005 10th Ave
Marion, IA 52302
Gasoline Stations with Convenience Stores
NAICS code 447110
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Marion
In the Marion area, 3 businesses in the "Gasoline Stations with Convenience Stores" industry received a PPP loan. These local businesses reported an average of 5 employees (compared to this company's 6) and received an average PPP loan of $26,859 (compared to this company's $24,950).
Similar Nearby Businesses Who Received PPP Funding:
Whiteys Oil Company
Express Stop, Inc
Industry PPP Comparison Statistics
Nationwide, 45,026 businesses in the "Gasoline Stations with Convenience Stores" industry received a total of $2.06B 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 10 employees, 67% higher than United Petrleum, Inc's reported 6 employees, and received an average PPP loan of $45,821, 84% higher than this company's loan of $24,950.
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Footnotes & Information
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