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PPP Loan Data — West Creek Financial, Inc., Glen Allen, VA

SBA PPP loan data, payroll data, and salaries for West Creek Financial, Inc.
VA

West Creek Financial, Inc.

Entity: Corporation

Industry: Consumer Electronics and Appliances Rental

Location: Glen Allen, VA

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West Creek Financial, Inc. is a corporation located at 4951 Lake Brook Dr, Ste 350 in Glen Allen, Virginia that received a Coronavirus-related PPP loan from the SBA of $2,949,152.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$2.95M

Jobs Retained:

215

Loan Approved:

2020-04-07

Lender:

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

West Creek Financial, Inc. received a Paycheck Protection Loan of $2.95M through TRUIST BANK D/B/A BRANCH BANKING & TRUST CO, which was approved in April, 2020.

Based on standard PPP eligibility rules, West Creek Financial, Inc.'s total 2019 payroll expenses were approximately $14.16M in order to qualify for the PPP loan amount received.

Based on their reported 215 jobs retained, this equals an estimated average yearly compensation of $65,842 per employee1.

Because the loan received by West Creek Financial, 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 - West Creek Financial, Inc. in Glen Allen, VA

West Creek Financial, Inc.
4951 Lake Brook Dr, Ste 350
Glen Allen, VA 23060

Business Industry

Consumer Electronics and Appliances Rental (NAICS code 532210)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: VA-07

Industry PPP Comparison Statistics

Nationwide, 607 businesses in the "Consumer Electronics and Appliances Rental" industry received a total of $93,921,135.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.

PPP recipients in this industry report an average of 15 employees, 93% lower than West Creek Financial, Inc.'s reported 215 employees, and received an average PPP loan of $154,730, 95% lower than this company's loan of $2.95M.

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.

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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.


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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/west-creek-financial-inc-glen-allen-va