PPP Loan Information — SMITH FAMILY TIRE WAREHOUSE, INC
SMITH FAMILY TIRE WAREHOUSE, INC is a corporation located in Hanceville, Alabama that received a Coronavirus-related PPP loan from the SBA of at least $350,000.00 in April, 2020.
PPP Loan Information
$350,000 to $604,167
Lender:Premier Bank of the South
SMITH FAMILY TIRE WAREHOUSE, INC received a Paycheck Protection Loan of between 350,000 and 1M through Premier Bank of the South, which was approved in April, 2020.
When accounting for 29 claimed employees and the PPP salary cap of $100k per employee, the actual maximum PPP received by this business is likely $604,1672.
Based on standard PPP eligibility rules, SMITH FAMILY TIRE WAREHOUSE, INC's total 2019 payroll expenses were between $1.68M and $2.9M+ in order to qualify for the PPP loan amount received. Based on their reported 29 jobs retained, this equals an estimated average yearly compensation between $57,931 and $100,000+ per employee1.
Business Information - SMITH FAMILY TIRE WAREHOUSE, INC in HANCEVILLE, AL
HANCEVILLE, AL 35077
Other Miscellaneous Durable Goods Merchant Wholesalers (NAICS code 423990)
Business Owner Demographics
Race / Ethnicity: Unanswered
Veteran Status: UnansweredAL - 04
FederalPay's PPP Information Policy
Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for private companies that received a PPP loan of $150,000 or over. All information displayed on this page is publicly available information under PPP loan guidelines, and is published unmodified, as provided by the SBA.
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.