PPP Loan Data — Auto Tech Automotive Inc, Highland, IL
Auto Tech Automotive Inc is a subchapter s corporation located at 22008 St. Rose Road in Highland, Illinois that received a Coronavirus-related PPP loan from the SBA of $46,000.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:First Mid Bank & Trust, National Association
Auto Tech Automotive Inc in Highland, IL received a Paycheck Protection Loan of $46,000 through First Mid Bank & Trust, National Association, 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 January, 2021.
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, Auto Tech Automotive Inc's 2019 payroll expenses are estimated to be at least $220,800.
Based on their reported 7 jobs retained, this equals an estimated average yearly compensation of $31,543 per employee1
Reported PPP Proceed Usage:
On the PPP application, Auto Tech Automotive Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $34,500
- Utilities: $3,833
- Rent: $3,833
- Health Care: $3,834
Business Information - Auto Tech Automotive Inc in Highland, IL
22008 St. Rose Road
Highland, IL 62249
General Automotive Repair
NAICS code 811111
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Highland
In the Highland area, 6 businesses in the "General Automotive Repair" industry received a PPP loan. These local businesses reported an average of 10 employees (compared to this company's 7) and received an average PPP loan of $81,795 (compared to this company's $46,000).
Similar Nearby Businesses Who Received PPP Funding:
Porter's Auto Body LLC
Jacober Automotive, Inc
Jim's Customs, LLC
First K & L Enterprises Inc
Industry PPP Comparison Statistics
Nationwide, 95,091 businesses in the "General Automotive Repair" industry received a total of $3.94B 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, 29% lower than Auto Tech Automotive Inc's reported 7 employees, and received an average PPP loan of $41,461, 10% lower than this company's loan of $46,000.
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Footnotes & Information
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