Welch And Rushe, Inc in Upper Marlboro, MD - SBA PPP Loan Data (Paycheck Protection Program)

PPP Loan Data — Welch And Rushe, Inc, Upper Marlboro, MD

Welch And Rushe, Inc

Entity: Corporation

Industry: Plumbing, Heating, and Air-Conditioning Contractors

Location: Upper Marlboro, MD

Welch And Rushe, Inc is a corporation located at 391 Prince Georges Blvd in Upper Marlboro, Maryland that received a Coronavirus-related PPP loan from the SBA of $3,823,200.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$3.82M

Likely Employment Reduction³

Jobs Retained:

170

Loan Approved:

2020-04-09

Lender:

TRUIST BANK D/B/A BRANCH BANKING & TRUST CO

Welch And Rushe, Inc received a Paycheck Protection Loan of $3.82M through TRUIST BANK D/B/A BRANCH BANKING & TRUST CO, which was approved in April, 2020.

The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 170 jobs reported as retained on the PPP application³. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.

2019 Payroll Estimations based On PPP Amount:

Assuming all employees were paid over the $100k eligibility cap, the minimum number of employees this company must have had in 2019 to qualify for the loan range received is 184.

Based on standard PPP eligibility rules, Welch And Rushe, Inc's total 2019 payroll expenses were approximately $18.35M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.

Because the 170 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.

Because the loan received by Welch And Rushe, Inc is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Welch And Rushe, Inc in Upper Marlboro, MD

Welch And Rushe, Inc
391 Prince Georges Blvd
Upper Marlboro, MD 20774

Business Industry

Plumbing, Heating, and Air-Conditioning Contractors (NAICS code 238220)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: MD-05

Similar Companies near Upper Marlboro

In the Upper Marlboro area, 11 businesses in the "Plumbing, Heating, and Air-Conditioning Contractors" industry received a PPP loan. These local businesses reported an average of 98 employees (compared to this company's 170) and received an average PPP loan of $1,645,500 (compared to this company's $3.82M).

Similar Nearby Businesses Who Received PPP Funding:

Kogok Corporation
Upper Marlboro, MD

$5.86M PPP Loan

The Severn Group, Inc
Upper Marlboro, MD

$3.65M PPP Loan

Belair Engineering&Service Co.
Upper Marlboro, MD

$641,192 PPP Loan

Guardian Plumbing Services, Inc.
Upper Marlboro, MD

$177,900 PPP Loan

JCM Associates, Inc.
Upper Marlboro, MD

$3.76M PPP Loan

Julian Desgraves DBA Jd Air LLC
Largo, MD

$12,579 PPP Loan

T & T HVAC And Electrical LLC
Upper Marlboro, MD

$20,800 PPP Loan

Dave And Sons Plumbing LLC
Upper Marlboro, MD

$51,267 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 60,482 businesses in the "Plumbing, Heating, and Air-Conditioning Contractors" industry received a total of $9,373,583,135.00 in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 2% of the total PPP funding allocated.

PPP recipients in this industry report an average of 11 employees, 94% lower than Welch And Rushe, Inc's reported 170 employees, and received an average PPP loan of $154,981, 96% lower than this company's loan of $3.82M.

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.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. 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.

3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.

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