PPP Loan Data — First Service Collision, Portales, NM
First Service Collision is a sole proprietorship located at 405 N Kilgore St in Portales, New Mexico that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in May, 2020.
The company has reported itself as a White male owned business, and employed at least four people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:James Polk Stone Community Bank
First Service Collision in Portales, NM received a Paycheck Protection Loan of $25,000 through James Polk Stone Community Bank, which was approved in May, 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 January, 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, First Service Collision's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $30,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, First Service Collision reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $20,000
- Utilities: $5,000
Business Information - First Service Collision in Portales, NM
405 N Kilgore St
Portales, NM 88130
General Automotive Repair
NAICS code 811111
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Rural
Similar Companies near Portales
In the Portales area, 3 businesses in the "General Automotive Repair" industry received a PPP loan. These local businesses reported an average of 2 employees (compared to this company's 4) and received an average PPP loan of $10,764 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
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 First Service Collision's reported 4 employees, and received an average PPP loan of $41,461, 66% higher than this company's loan of $25,000.
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Footnotes & Information
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