PPP Loan Data — Custom Springs, Inc, Memphis, TN
Custom Springs, Inc is a corporation located at 4909 Shelby Dr in Memphis, Tennessee that received a Coronavirus-related PPP loan from the SBA of $47,138.00 in April, 2020.
The company has reported itself as a White female 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:First Security Bank
Custom Springs, Inc in Memphis, TN received a Paycheck Protection Loan of $47,138 through First Security 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 March, 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, Custom Springs, Inc's 2019 payroll expenses are estimated to be at least $226,262.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $45,252 per employee1
Reported PPP Proceed Usage:
On the PPP application, Custom Springs, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $47,138
Business Information - Custom Springs, Inc in Memphis, TN
4909 Shelby Dr
Memphis, TN 38118
General Automotive Repair
NAICS code 811111
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Female Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Memphis
In the Memphis area, 46 businesses in the "General Automotive Repair" industry received a PPP loan. These local businesses reported an average of 3 employees (compared to this company's 5) and received an average PPP loan of $27,146 (compared to this company's $47,138).
Similar Nearby Businesses Who Received PPP Funding:
Steve's Tire And Auto East
Evina Investments, LLC
Holmes Auto Works
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, the same amount reported by Custom Springs, Inc and received an average PPP loan of $41,461, 12% lower than this company's loan of $47,138.
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