PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Workover Equipment Rental Co Inc, Scott, LA

ALERT: There are 2 PPP loans for a total of $581,370 in our database for businesses with the name "Workover Equipment Rental Co Inc" in Scott, LA. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Workover Equipment Rental Co Inc
LA

Workover Equipment Rental Co Inc

Entity: Corporation

Industry: Construction, Mining, and Forestry Machinery and Equipment Rental and Leasing

Location: Scott, LA

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Workover Equipment Rental Co Inc is a corporation located at 134 E Amedee Dr in Scott, Louisiana that received a Coronavirus-related PPP loan from the SBA of $273,620.00 in March, 2021.

The company has reported itself as a male veteran owned business, and employed at least 24 people during the applicable loan loan period.

$ PPP Loan Information
Loan #5618248509

Loan Size:

$273,620

Jobs Retained:

24

Loan Approved:

2021-03-01

Loan Status:

Ongoing Loan

Lender:

BankPlus

Workover Equipment Rental Co Inc in Scott, LA received a Paycheck Protection Loan of $273,620 through BankPlus, which was approved in March, 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 More
Understanding 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 More

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, Workover Equipment Rental Co Inc's 2019 payroll expenses are estimated to be at least $1.31M.

Based on their reported 24 jobs retained, this equals an estimated average yearly compensation of $54,724 per employee1

Reported PPP Proceed Usage:

On the PPP application, Workover Equipment Rental Co Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $273,619
  • Utilities: $1

Business Information - Workover Equipment Rental Co Inc in Scott, LA

Workover Equipment Rental Co Inc
134 E Amedee Dr
Scott, LA 70583

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Male Owned

Veteran Status: Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

Lafayette County, LA — SBA Office 0679 — Congressional District: LA-03

Similar Companies near Scott

In the Scott area, 7 businesses in the "Construction, Mining, and Forestry Machinery and Equipment Rental and Leasing" industry received a PPP loan. These local businesses reported an average of 10 employees (compared to this company's 24) and received an average PPP loan of $114,129 (compared to this company's $273,620).

Industry PPP Comparison Statistics

Nationwide, 10,665 businesses in the "Construction, Mining, and Forestry Machinery and Equipment Rental and Leasing" industry received a total of $790.13M 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, 79% lower than Workover Equipment Rental Co Inc's reported 24 employees, and received an average PPP loan of $74,086, 73% lower than this company's loan of $273,620.

SBA PPP loan data, payroll data, and salaries for Workover Equipment Rental Co., Inc
LA

Workover Equipment Rental Co., Inc

Entity: Corporation

Industry: Support Activities for Oil and Gas Operations

Location: Scott, LA

Search All PPP Data

Workover Equipment Rental Co., Inc is a corporation located at 134 E Amedee in Scott, Louisiana that received a Coronavirus-related PPP loan from the SBA of $307,750.00 in April, 2020.

$ PPP Loan Information
Loan #8091677008

Loan Size:

$307,750

Jobs Retained:

23

Loan Approved:

2020-04-08

Loan Status:

Paid in Full or Forgiven

Lender:

BankPlus

Workover Equipment Rental Co., Inc in Scott, LA received a Paycheck Protection Loan of $307,750 through BankPlus, 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 April, 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 More
Understanding 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 More

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, Workover Equipment Rental Co., Inc's 2019 payroll expenses are estimated to be at least $1.48M.

Based on their reported 23 jobs retained, this equals an estimated average yearly compensation of $64,226 per employee1

Reported PPP Proceed Usage:

On the PPP application, Workover Equipment Rental Co., Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $252,750
  • Utilities: $20,000
  • Health Care: $35,000

Business Information - Workover Equipment Rental Co., Inc in Scott, LA

Workover Equipment Rental Co., Inc
134 E Amedee
Scott, LA 70583

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: Y

HUBZone: N

Rural / Urban: Urban

Lafayette County, LA — SBA Office 0679 — Congressional District: LA-03

Similar Companies near Scott

In the Scott area, 57 businesses in the "Support Activities for Oil and Gas Operations" industry received a PPP loan. These local businesses reported an average of 19 employees (compared to this company's 23) and received an average PPP loan of $297,776 (compared to this company's $307,750).

Industry PPP Comparison Statistics

Nationwide, 20,369 businesses in the "Support Activities for Oil and Gas Operations" industry received a total of $3.84B 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 13 employees, 43% lower than Workover Equipment Rental Co., Inc's reported 23 employees, and received an average PPP loan of $188,586, 39% lower than this company's loan of $307,750.

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. 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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/workover-equipment-rental-co-inc-scott-la