PPP Loan Data — Western Branch Diesel, LLC, Portsmouth, VA
Western Branch Diesel, LLC
Entity: Limited Liability Company (LLC)
Location: Portsmouth, VATweet This • Search All PPP Data
Western Branch Diesel, LLC is a limited liability company (LLC) located at 3504 Shipwright Street in Portsmouth, Virginia that received a Coronavirus-related PPP loan from the SBA of $3,875,350.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Atlantic Union Bank
Western Branch Diesel, LLC in Portsmouth, VA received a Paycheck Protection Loan of $3.88M through Atlantic Union Bank, which was approved in April, 2020.
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, Western Branch Diesel, LLC's 2019 payroll expenses are estimated to be at least $18.6M.
Based on their reported 247 jobs retained, this equals an estimated average yearly compensation of $75,310 per employee1
Reported PPP Proceed Usage:
On the PPP application, Western Branch Diesel, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $3,875,350
Business Information - Western Branch Diesel, LLC in Portsmouth, VA
3504 Shipwright Street
Portsmouth, VA 23703
Industrial Machinery and Equipment Merchant Wholesalers
NAICS code 423830
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Portsmouth
In the Portsmouth area, 2 businesses in the "Industrial Machinery and Equipment Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 129 employees (compared to this company's 247) and received an average PPP loan of $1,993,706 (compared to this company's $3.88M).
Similar Nearby Businesses Who Received PPP Funding:
Wilbar Truck Equipment Inc
Industry PPP Comparison Statistics
Nationwide, 11,076 businesses in the "Industrial Machinery and Equipment Merchant Wholesalers" industry received a total of $2.24B 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 15 employees, 94% lower than Western Branch Diesel, LLC's reported 247 employees, and received an average PPP loan of $202,534, 95% lower than this company's loan of $3.88M.
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Footnotes & Information
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