PPP Loan Data — FIX Tire Co., Inc, Waterloo, IA
FIX Tire Co., Inc is a subchapter s corporation located at 1145 West Donald Street in Waterloo, Iowa that received a Coronavirus-related PPP loan from the SBA of $46,900.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Cedar Rapids Bank and Trust Company
FIX Tire Co., Inc in Waterloo, IA received a Paycheck Protection Loan of $46,900 through Cedar Rapids Bank and Trust Company, 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 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, FIX Tire Co., Inc's 2019 payroll expenses are estimated to be at least $225,120.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $45,024 per employee1
Reported PPP Proceed Usage:
On the PPP application, FIX Tire Co., Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,900
Business Information - FIX Tire Co., Inc in Waterloo, IA
1145 West Donald Street
Waterloo, IA 50703
NAICS code 441320
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Waterloo
In the Waterloo area, 2 businesses in the "Tire Dealers" industry received a PPP loan. These local businesses reported an average of 7 employees (compared to this company's 5) and received an average PPP loan of $67,443 (compared to this company's $46,900).
Similar Nearby Businesses Who Received PPP Funding:
Boubin Muffler Shop, Inc
Industry PPP Comparison Statistics
Nationwide, 8,434 businesses in the "Tire Dealers" industry received a total of $776.34M 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 10 employees, 100% higher than FIX Tire Co., Inc's reported 5 employees, and received an average PPP loan of $92,049, 96% higher than this company's loan of $46,900.
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Footnotes & Information
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