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PPP Loan Data — Watson Construction Co Inc,
Hobbs, NM
Watson Construction Co Inc
Entity: Corporation
Industry: Site Preparation Contractors
Location: Hobbs, NM
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Watson Construction Co Inc is a corporation located at 501 Stanolind Rd in Hobbs, New Mexico that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in February, 2021.
The company has reported itself as a White male owned business, and employed at least 239 people during the applicable loan loan period.
$
PPP Loan Information
Loan #4883498510
Loan Size:
Jobs Retained:
239Loan Approved:
2021-02-26Loan Status:
Paid in Full or ForgivenLender:
Lea County State BankWatson Construction Co Inc in Hobbs, NM received a Paycheck Protection Loan of $2M through Lea County State Bank, which was approved in February, 2021.
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 January, 2022.
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, Watson Construction Co Inc's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 239 jobs retained, this equals an estimated average yearly compensation of $40,167 per employee1
Reported PPP Proceed Usage:
On the PPP application, Watson Construction Co Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,000,000
Business Information - Watson Construction Co Inc in Hobbs, NM
501 Stanolind Rd
Hobbs, NM 88240
Business Industry:
Site Preparation Contractors
NAICS code 238910
Business Owner Demographics
Race: White
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near Hobbs
In the Hobbs area, 6 businesses in the "Site Preparation Contractors" industry received a PPP loan. These local businesses reported an average of 147 employees (compared to this company's 239) and received an average PPP loan of $1,846,867 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Dirt Works Services, Inc
Hobbs, NM
1ST Backhoe Srv. LLC
Hobbs, NM
D&D Pipeline Construction, Inc
Hobbs, NM
Ramirez & Sons, Inc
Hobbs, NM
Industry PPP Comparison Statistics
Nationwide, 30,770 businesses in the "Site Preparation Contractors" industry received a total of $4.3B 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, 95% lower than Watson Construction Co Inc's reported 239 employees, and received an average PPP loan of $139,756, 93% lower than this company's loan of $2M.
Watson Construction Co, Inc
Entity: Corporation
Industry: Site Preparation Contractors
Location: Hobbs, NM
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•
Search All PPP Data
Watson Construction Co, Inc is a corporation located at 401 W Stanolind Rd in Hobbs, New Mexico that received a Coronavirus-related PPP loan from the SBA of $4,822,100.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least 424 people during the applicable loan loan period.
$
PPP Loan Information
Loan #7086057109
Loan Size:
Jobs Retained:
424Loan Approved:
2020-04-14Loan Status:
Paid in Full or ForgivenLender:
Lea County State BankWatson Construction Co, Inc in Hobbs, NM received a Paycheck Protection Loan of $4.82M through Lea County State 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 July, 2021.
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, Watson Construction Co, Inc's 2019 payroll expenses are estimated to be at least $23.15M.
Based on their reported 424 jobs retained, this equals an estimated average yearly compensation of $54,590 per employee1
Reported PPP Proceed Usage:
On the PPP application, Watson Construction Co, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $4,744,262
- Utilities: $22,838
- Rent: $55,000
Business Information - Watson Construction Co, Inc in Hobbs, NM
401 W Stanolind Rd
Hobbs, NM 88240
Business Industry:
Site Preparation Contractors
NAICS code 238910
Business Owner Demographics
Race: White
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: Y
Rural / Urban: Urban
Similar Companies near Hobbs
In the Hobbs area, 6 businesses in the "Site Preparation Contractors" industry received a PPP loan. These local businesses reported an average of 147 employees (compared to this company's 424) and received an average PPP loan of $1,846,867 (compared to this company's $4.82M).
Similar Nearby Businesses Who Received PPP Funding:
Dirt Works Services, Inc
Hobbs, NM
1ST Backhoe Srv. LLC
Hobbs, NM
D&D Pipeline Construction, Inc
Hobbs, NM
Ramirez & Sons, Inc
Hobbs, NM
Industry PPP Comparison Statistics
Nationwide, 30,770 businesses in the "Site Preparation Contractors" industry received a total of $4.3B 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, 97% lower than Watson Construction Co, Inc's reported 424 employees, and received an average PPP loan of $139,756, 97% lower than this company's loan of $4.82M.
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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