PPP Loan Data — Covert Auto, Inc, Austin, TX
Covert Auto, Inc is a subchapter s corporation located at 8107 Research Blvd in Austin, Texas that received a Coronavirus-related PPP loan from the SBA of $1,868,100.00 in April, 2020. This business is a General Motors, LLC (Chevrolet, Buick, GM, Cadillac) Dealer Sales and Service Agreement franchise.
PPP Loan Information
Loan Status:Ongoing Loan
Covert Auto, Inc in Austin, TX received a Paycheck Protection Loan of $1.87M through Frost Bank, which was approved in April, 2020.
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, Covert Auto, Inc's 2019 payroll expenses are estimated to be at least $8.97M.
Based on their reported 123 jobs retained, this equals an estimated average yearly compensation of $72,901 per employee1
Reported PPP Proceed Usage:
On the PPP application, Covert Auto, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,868,100
Business Information - Covert Auto, Inc in Austin, TX
8107 Research Blvd
Austin, TX 78758
New Car Dealers
NAICS code 441110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Austin
In the Austin area, 7 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 137 employees (compared to this company's 123) and received an average PPP loan of $1,936,116 (compared to this company's $1.87M).
Similar Nearby Businesses Who Received PPP Funding:
Covert Ford Austin, Inc
Maund Automotive Group, LP
Covert Management, Inc
American Auto Center
Covert Buick, Inc
Industry PPP Comparison Statistics
Nationwide, 19,896 businesses in the "New Car Dealers" industry received a total of $12.31B 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 52 employees, 58% lower than Covert Auto, Inc's reported 123 employees, and received an average PPP loan of $618,860, 67% lower than this company's loan of $1.87M.
FederalPay's PPP Information Policy
Footnotes & Information
Have FederalPay.org's open data tools been valuable? Consider donating!