PPP Loan Data — Wellcoast Inc, Pawleys Island, SC
Wellcoast Inc is a subchapter s corporation located at 11388 Ocean Hwy Unit B in Pawleys Island, South Carolina that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:First-Citizens Bank & Trust Company
Wellcoast Inc in Pawleys Island, SC received a Paycheck Protection Loan of $25,000 through First-Citizens Bank & Trust Company, 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 January, 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, Wellcoast Inc's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $30,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Wellcoast Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Wellcoast Inc in Pawleys Island, SC
11388 Ocean Hwy Unit B
Pawleys Island, SC 29585
Food (Health) Supplement Stores
NAICS code 446191
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Pawleys Island
In the Pawleys Island area, 3 businesses in the "Food (Health) Supplement Stores" industry received a PPP loan. These local businesses reported an average of 8 employees (compared to this company's 4) and received an average PPP loan of $34,141 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Landolfis Italian Pastry Deli Inc
Pawleys Island, SC
Your Cbd Store Pawleys Island LLC
Pawleys Island, SC
Industry PPP Comparison Statistics
Nationwide, 8,057 businesses in the "Food (Health) Supplement Stores" industry received a total of $301.91M 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 5 employees, 25% higher than Wellcoast Inc's reported 4 employees, and received an average PPP loan of $37,471, 50% higher than this company's loan of $25,000.
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Footnotes & Information
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