PPP Loan Data — Dove's Auto Inc, Fayetteville, WV
Dove's Auto Inc is a corporation located at 517 Hinkle Rd in Fayetteville, West Virginia that received a Coronavirus-related PPP loan from the SBA of $24,830.00 in January, 2021.
The company has reported itself as a White male owned business, and employed at least eight people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:The Fayette County National Bank of Fayetteville
Dove's Auto Inc in Fayetteville, WV received a Paycheck Protection Loan of $24,830 through The Fayette County National Bank of Fayetteville, which was approved in January, 2021.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.
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, Dove's Auto Inc's 2019 payroll expenses are estimated to be at least $119,184.
Based on their reported 8 jobs retained, this equals an estimated average yearly compensation of $14,898 per employee1
Reported PPP Proceed Usage:
On the PPP application, Dove's Auto Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,828
- Utilities: $1
Business Information - Dove's Auto Inc in Fayetteville, WV
517 Hinkle Rd
Fayetteville, WV 25840
Used Car Dealers
NAICS code 441120
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Industry PPP Comparison Statistics
Nationwide, 40,336 businesses in the "Used Car Dealers" industry received a total of $2.19B 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, 25% lower than Dove's Auto Inc's reported 8 employees, and received an average PPP loan of $54,194, 118% higher than this company's loan of $24,830.
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Footnotes & Information
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