PPP Loan Data — Coyner Springs Service Center, Inc, Blue Ridge, VA
Coyner Springs Service Center, Inc is a subchapter s corporation located at 4299 Blue Ridge Blvd in Blue Ridge, Virginia that received a Coronavirus-related PPP loan from the SBA of $47,100.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least five people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Bank of Botetourt
Coyner Springs Service Center, Inc in Blue Ridge, VA received a Paycheck Protection Loan of $47,100 through Bank of Botetourt, 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
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, Coyner Springs Service Center, Inc's 2019 payroll expenses are estimated to be at least $226,080.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $45,216 per employee1
Reported PPP Proceed Usage:
On the PPP application, Coyner Springs Service Center, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $37,750
- Utilities: $2,000
- Mortgage Interest: $7,350
Business Information - Coyner Springs Service Center, Inc in Blue Ridge, VA
4299 Blue Ridge Blvd
Blue Ridge, VA 24064
Motor Vehicle Towing
NAICS code 488410
Business Owner Demographics
Gender: Male Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Blue Ridge
In the Blue Ridge area, 2 businesses in the "Motor Vehicle Towing" industry received a PPP loan. These local businesses reported an average of 4 employees (compared to this company's 5) and received an average PPP loan of $40,050 (compared to this company's $47,100).
Similar Nearby Businesses Who Received PPP Funding:
Foxfire Recovery Solutions Inc
Boones Mill, VA
Industry PPP Comparison Statistics
Nationwide, 17,547 businesses in the "Motor Vehicle Towing" industry received a total of $912.17M 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, 20% higher than Coyner Springs Service Center, Inc's reported 5 employees, and received an average PPP loan of $51,984, 10% higher than this company's loan of $47,100.
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Footnotes & Information
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