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PPP Loan Data — West States Energy Contractors Inc,
Farmington, NM
West States Energy Contractors Inc
Entity: Subchapter S Corporation
Industry: Power and Communication Line and Related Structures Construction
Location: Farmington, NM
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West States Energy Contractors Inc is a subchapter s corporation located at 32 Rd 3718 in Farmington, New Mexico that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in February, 2021.
$
PPP Loan Information
Loan #2200888403
Loan Size:
Jobs Retained:
286Loan Approved:
2021-02-03Loan Status:
Ongoing LoanLender:
Zions Bank, A Division ofWest States Energy Contractors Inc in Farmington, NM received a Paycheck Protection Loan of $2M through Zions Bank, A Division of, which was approved in February, 2021.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.
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, West States Energy Contractors Inc's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 286 jobs retained, this equals an estimated average yearly compensation of $33,566 per employee1
Reported PPP Proceed Usage:
On the PPP application, West States Energy Contractors Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,000,000
Business Information - West States Energy Contractors Inc in Farmington, NM
32 Rd 3718
Farmington, NM 87401
Business Industry:
Power and Communication Line and Related Structures Construction
NAICS code 237130
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: Y
HUBZone: N
Rural / Urban: Rural
Industry PPP Comparison Statistics
Nationwide, 4,745 businesses in the "Power and Communication Line and Related Structures Construction" industry received a total of $1.05B 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 18 employees, 94% lower than West States Energy Contractors Inc's reported 286 employees, and received an average PPP loan of $222,085, 89% lower than this company's loan of $2M.
West States Energy Contractors, Inc
Entity: Subchapter S Corporation
Industry: Support Activities for Oil and Gas Operations
Location: Farmington, NM
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West States Energy Contractors, Inc is a subchapter s corporation located at 5001 Holmes Drive in Farmington, New Mexico that received a Coronavirus-related PPP loan from the SBA of $5,568,600.00 in April, 2020.
$
PPP Loan Information
Loan #9941157007
Loan Size:
Jobs Retained:
384Loan Approved:
2020-04-09Loan Status:
Paid in Full or ForgivenLender:
Zions Bank, A Division ofWest States Energy Contractors, Inc in Farmington, NM received a Paycheck Protection Loan of $5.57M through Zions Bank, A Division of, 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
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, West States Energy Contractors, Inc's 2019 payroll expenses are estimated to be at least $26.73M.
Based on their reported 384 jobs retained, this equals an estimated average yearly compensation of $69,608 per employee1
Reported PPP Proceed Usage:
On the PPP application, West States Energy Contractors, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $5,568,600
Business Information - West States Energy Contractors, Inc in Farmington, NM
5001 Holmes Drive
Farmington, NM 87402
Business Industry:
Support Activities for Oil and Gas Operations
NAICS code 213112
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Rural
Similar Companies near Farmington
In the Farmington area, 77 businesses in the "Support Activities for Oil and Gas Operations" industry received a PPP loan. These local businesses reported an average of 20 employees (compared to this company's 384) and received an average PPP loan of $333,877 (compared to this company's $5.57M).
Similar Nearby Businesses Who Received PPP Funding:
Aaladin Southwest, Inc
Farmington, NM
MO Te Inc
Farmington, NM
Rio Services LLC
Farmington, NM
T&T Energy Services, LLC
Farmington, NM
CF & M Oilfield Service, Inc
Farmington, NM
MO-Te Drilling Company, Inc
Farmington, NM
Expert Downhole Services Inc
Farmington, NM
Lynx Pressure Solutions, LLC
Farmington, NM
Brae Compression LLC
Farmington, NM
Industry PPP Comparison Statistics
Nationwide, 20,749 businesses in the "Support Activities for Oil and Gas Operations" industry received a total of $3.85B 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 West States Energy Contractors, Inc's reported 384 employees, and received an average PPP loan of $185,324, 97% lower than this company's loan of $5.57M.
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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