PPP Loan Data — Freedom Farm And Truck Tire Inc, Arcade, NY
Freedom Farm And Truck Tire Inc is a corporation located at Po Box 73 in Arcade, New York that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in May, 2020.
The company has reported itself as a male owned business, and employed at least three people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Five Star Bank
Freedom Farm And Truck Tire Inc in Arcade, NY received a Paycheck Protection Loan of $25,000 through Five Star 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 May, 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, Freedom Farm And Truck Tire Inc's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $40,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Freedom Farm And Truck Tire Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Freedom Farm And Truck Tire Inc in Arcade, NY
Po Box 73
Arcade, NY 14009
NAICS code 441320
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
LMI Zone: N
Rural / Urban: Rural
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, 233% higher than Freedom Farm And Truck Tire Inc's reported 3 employees, and received an average PPP loan of $92,049, 268% higher than this company's loan of $25,000.
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Footnotes & Information
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