PPP Loan Data — Freds Auto Electric Inc, Lincoln, NE
Freds Auto Electric Inc
Entity: Subchapter S Corporation
Industry: Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance
Location: Lincoln, NETweet This • Search All PPP Data
Freds Auto Electric Inc is a subchapter s corporation located at 5042 Rent Worth Ct in Lincoln, Nebraska that received a Coronavirus-related PPP loan from the SBA of $25,417.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Union Bank and Trust Company
Freds Auto Electric Inc in Lincoln, NE received a Paycheck Protection Loan of $25,417 through Union Bank and Trust Company, which was approved in April, 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, Freds Auto Electric Inc's 2019 payroll expenses are estimated to be at least $122,002.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $30,501 per employee1
Reported PPP Proceed Usage:
On the PPP application, Freds Auto Electric Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,417
Business Information - Freds Auto Electric Inc in Lincoln, NE
5042 Rent Worth Ct
Lincoln, NE 68516
Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance
NAICS code 811310
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 22,310 businesses in the "Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance" industry received a total of $2.27B 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 9 employees, 125% higher than Freds Auto Electric Inc's reported 4 employees, and received an average PPP loan of $101,583, 300% higher than this company's loan of $25,417.
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Footnotes & Information
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