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PPP Loan Data — American Muscle Car Restorations Inc,
North Kingstown, RI
American Muscle Car Restorations Inc
Entity: Corporation
Industry: All Other Automotive Repair and Maintenance
Location: North Kingstown, RI
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American Muscle Car Restorations Inc is a corporation located at 65 Foliage Dr Unit A in North Kingstown, Rhode Island that received a Coronavirus-related PPP loan from the SBA of $145,977.00 in January, 2021.
The company has reported itself as a White male owned business, and employed at least eleven people during the applicable loan loan period.
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PPP Loan Information
Loan #2488558309
Loan Size:
Jobs Retained:
11Loan Approved:
2021-01-20Loan Status:
Ongoing LoanLender:
UniBank for SavingsAmerican Muscle Car Restorations Inc in North Kingstown, RI received a Paycheck Protection Loan of $145,977 through UniBank for Savings, which was approved in January, 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, American Muscle Car Restorations Inc's 2019 payroll expenses are estimated to be at least $700,690.
Based on their reported 11 jobs retained, this equals an estimated average yearly compensation of $63,699 per employee1
Reported PPP Proceed Usage:
On the PPP application, American Muscle Car Restorations Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $145,975
- Utilities: $1
Business Information - American Muscle Car Restorations Inc in North Kingstown, RI
65 Foliage Dr Unit A
North Kingstown, RI 2852
Business Industry:
All Other Automotive Repair and Maintenance
NAICS code 811198
Business Owner Demographics
Race: White
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Rural
Similar Companies near North Kingstown
In the North Kingstown area, 5 businesses in the "All Other Automotive Repair and Maintenance" industry received a PPP loan. These local businesses reported an average of 80 employees (compared to this company's 11) and received an average PPP loan of $815,318 (compared to this company's $145,977).
Similar Nearby Businesses Who Received PPP Funding:
Instrument Specialties Inc
North Kingstown, RI
South County Hand Car Wash & Detail LLC
North Kingstown, RI
North Atlantic Distribution Inc
North Kingstown, RI
Industry PPP Comparison Statistics
Nationwide, 17,553 businesses in the "All Other Automotive Repair and Maintenance" industry received a total of $681.11M 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, 55% lower than American Muscle Car Restorations Inc's reported 11 employees, and received an average PPP loan of $38,803, 73% lower than this company's loan of $145,977.
American Muscle Car Restorations, Inc
Entity: Corporation
Industry: Automotive Body, Paint, and Interior Repair and Maintenance
Location: North Kingstown, RI
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American Muscle Car Restorations, Inc is a corporation located at 65 Foliage Drive Unit A in North Kingstown, Rhode Island that received a Coronavirus-related PPP loan from the SBA of $140,000.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least eleven people during the applicable loan loan period.
$
PPP Loan Information
Loan #7069467003
Loan Size:
Jobs Retained:
11Loan Approved:
2020-04-07Loan Status:
Paid in Full or ForgivenLender:
UniBank for SavingsAmerican Muscle Car Restorations, Inc in North Kingstown, RI received a Paycheck Protection Loan of $140,000 through UniBank for Savings, 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 March, 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, American Muscle Car Restorations, Inc's 2019 payroll expenses are estimated to be at least $672,000.
Based on their reported 11 jobs retained, this equals an estimated average yearly compensation of $61,091 per employee1
Reported PPP Proceed Usage:
On the PPP application, American Muscle Car Restorations, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $140,000
Business Information - American Muscle Car Restorations, Inc in North Kingstown, RI
65 Foliage Drive Unit A
North Kingstown, RI 2852
Business Industry:
Automotive Body, Paint, and Interior Repair and Maintenance
NAICS code 811121
Business Owner Demographics
Race: White
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Rural
Similar Companies near North Kingstown
In the North Kingstown area, 5 businesses in the "Automotive Body, Paint, and Interior Repair and Maintenance" industry received a PPP loan. These local businesses reported an average of 8 employees (compared to this company's 11) and received an average PPP loan of $97,956 (compared to this company's $140,000).
Similar Nearby Businesses Who Received PPP Funding:
Automotive Enterprises Of Ri, LLC
North Kingstown, RI
Instrument Specialties, Inc
North Kingstown, RI
Mikes Auto Body Inc
North Kingstown, RI
Industry PPP Comparison Statistics
Nationwide, 41,348 businesses in the "Automotive Body, Paint, and Interior Repair and Maintenance" industry received a total of $2.53B 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 6 employees, 45% lower than American Muscle Car Restorations, Inc's reported 11 employees, and received an average PPP loan of $61,094, 56% lower than this company's loan of $140,000.
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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