PPP Loan Data — Five Starr Auto Repair, Inc, Foley, MN
Five Starr Auto Repair, Inc
Entity: Subchapter S Corporation
Location: Foley, MNTweet This • Search All PPP Data
Five Starr Auto Repair, Inc is a subchapter s corporation located at 321 Broadway Ave N in Foley, Minnesota that received a Coronavirus-related PPP loan from the SBA of $25,200.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Falcon National Bank
Five Starr Auto Repair, Inc in Foley, MN received a Paycheck Protection Loan of $25,200 through Falcon National 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 December, 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, Five Starr Auto Repair, Inc's 2019 payroll expenses are estimated to be at least $120,960.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $30,240 per employee1
Reported PPP Proceed Usage:
On the PPP application, Five Starr Auto Repair, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,200
Business Information - Five Starr Auto Repair, Inc in Foley, MN
321 Broadway Ave N
Foley, MN 56329
Automotive Body, Paint, and Interior Repair and Maintenance
NAICS code 811121
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Foley
In the Foley area, 3 businesses in the "Automotive Body, Paint, and Interior Repair and Maintenance" industry received a PPP loan. These local businesses reported an average of 3 employees (compared to this company's 4) and received an average PPP loan of $23,813 (compared to this company's $25,200).
Similar Nearby Businesses Who Received PPP Funding:
Michael E Swedal
Lezer Painting LLC
Industry PPP Comparison Statistics
Nationwide, 41,993 businesses in the "Automotive Body, Paint, and Interior Repair and Maintenance" industry received a total of $2.54B 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, 50% higher than Five Starr Auto Repair, Inc's reported 4 employees, and received an average PPP loan of $60,493, 140% higher than this company's loan of $25,200.
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Footnotes & Information
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