PPP Loan Data — Watkins Farms, Sutherland, VA
Watkins Farms is a sole proprietorship located at 16002 Namozine Rd in Sutherland, Virginia that received a Coronavirus-related PPP loan from the SBA of $25,300.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Watkins Farms in Sutherland, VA received a Paycheck Protection Loan of $25,300 through Chesapeake 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 June, 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, Watkins Farms' 2019 payroll expenses are estimated to be at least $121,440.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $40,480 per employee1
Reported PPP Proceed Usage:
On the PPP application, Watkins Farms reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $18,951
- Mortgage Interest: $6,349
Business Information - Watkins Farms in Sutherland, VA
16002 Namozine Rd
Sutherland, VA 23885
Other Vegetable (except Potato) and Melon Farming
NAICS code 111219
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Industry PPP Comparison Statistics
Nationwide, 5,617 businesses in the "Other Vegetable (except Potato) and Melon Farming" industry received a total of $452.09M 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, 333% higher than Watkins Farms' reported 3 employees, and received an average PPP loan of $80,486, 218% higher than this company's loan of $25,300.
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Footnotes & Information
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