PPP Loan Data — Correct A Wreck Inc, Kannapolis, NC
Correct A Wreck Inc is a corporation located at 1522 N Ridge Ave in Kannapolis, North Carolina that received a Coronavirus-related PPP loan from the SBA of $24,837.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Farmers & Merchants Bank
Correct A Wreck Inc in Kannapolis, NC received a Paycheck Protection Loan of $24,837 through Farmers & Merchants Bank, 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, Correct A Wreck Inc's 2019 payroll expenses are estimated to be at least $119,218.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $29,805 per employee1
Reported PPP Proceed Usage:
On the PPP application, Correct A Wreck Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,837
Business Information - Correct A Wreck Inc in Kannapolis, NC
1522 N Ridge Ave
Kannapolis, NC 28083
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: Rural
Similar Companies near Kannapolis
In the Kannapolis area, 8 businesses in the "General Automotive Repair" industry received a PPP loan. These local businesses reported an average of 5 employees (compared to this company's 4) and received an average PPP loan of $29,510 (compared to this company's $24,837).
Similar Nearby Businesses Who Received PPP Funding:
Certec Automotive LLC
Diagnostic Shop Inc
Triple T Tools LLC
C. E. Raitz, 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, 25% higher than Correct A Wreck Inc's reported 4 employees, and received an average PPP loan of $41,461, 67% higher than this company's loan of $24,837.
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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