PPP Loan Data — Floyd's Automotive, Southaven, MS
Floyd's Automotive is a limited liability company (LLC) located at 8849 Hamilton Rd in Southaven, Mississippi that received a Coronavirus-related PPP loan from the SBA of $46,000.00 in August, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Floyd's Automotive in Southaven, MS received a Paycheck Protection Loan of $46,000 through FinWise Bank, which was approved in August, 2020.
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, Floyd's Automotive's 2019 payroll expenses are estimated to be at least $220,800.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $55,200 per employee1
Reported PPP Proceed Usage:
On the PPP application, Floyd's Automotive reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,000
Business Information - Floyd's Automotive in Southaven, MS
8849 Hamilton Rd
Southaven, MS 38671
General Automotive Repair
NAICS code 811111
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Southaven
In the Southaven area, 12 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 $31,947 (compared to this company's $46,000).
Similar Nearby Businesses Who Received PPP Funding:
Griffin & Son Auto Service, LLC
Little Dago Race Brands LLC
Southaven Car Care
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 Floyd's Automotive's reported 4 employees, and received an average PPP loan of $41,461, 10% lower than this company's loan of $46,000.
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Footnotes & Information
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