PPP Loan Data — Walter Palazola Produce Co., Inc, Memphis, TN
Walter Palazola Produce Co., Inc is a corporation located at 744 Scott St. in Memphis, Tennessee that received a Coronavirus-related PPP loan from the SBA of $46,200.00 in May, 2020.
The company has reported itself as a veteran owned business, and employed at least five people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Evolve Bank & Trust
Walter Palazola Produce Co., Inc in Memphis, TN received a Paycheck Protection Loan of $46,200 through Evolve Bank & Trust, 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 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, Walter Palazola Produce Co., Inc's 2019 payroll expenses are estimated to be at least $221,760.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $44,352 per employee1
Reported PPP Proceed Usage:
On the PPP application, Walter Palazola Produce Co., Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,200
Business Information - Walter Palazola Produce Co., Inc in Memphis, TN
744 Scott St.
Memphis, TN 38112
Fresh Fruit and Vegetable Merchant Wholesalers
NAICS code 424480
Business Owner Demographics
Veteran Status: Veteran
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Memphis
In the Memphis area, 2 businesses in the "Fresh Fruit and Vegetable Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 13 employees (compared to this company's 5) and received an average PPP loan of $166,739 (compared to this company's $46,200).
Similar Nearby Businesses Who Received PPP Funding:
Scott Street Tomato House, Inc
Industry PPP Comparison Statistics
Nationwide, 4,225 businesses in the "Fresh Fruit and Vegetable Merchant Wholesalers" industry received a total of $800.94M 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 19 employees, 280% higher than Walter Palazola Produce Co., Inc's reported 5 employees, and received an average PPP loan of $189,572, 310% higher than this company's loan of $46,200.
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Footnotes & Information
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