PPP Loan Data — G & L Powerup, Inc, Roseville, MI
G & L Powerup, Inc is a corporation located at 31044 Gratiot Ave in Roseville, Michigan that received a Coronavirus-related PPP loan from the SBA of $46,427.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Bank of America, National Association
G & L Powerup, Inc in Roseville, MI received a Paycheck Protection Loan of $46,427 through Bank of America, National Association, 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, G & L Powerup, Inc's 2019 payroll expenses are estimated to be at least $222,850.
Based on their reported 7 jobs retained, this equals an estimated average yearly compensation of $31,836 per employee1
Reported PPP Proceed Usage:
On the PPP application, G & L Powerup, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,427
Business Information - G & L Powerup, Inc in Roseville, MI
31044 Gratiot Ave
Roseville, MI 48066
Automotive Parts and Accessories Stores
NAICS code 441310
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Roseville
In the Roseville area, 8 businesses in the "Automotive Parts and Accessories Stores" industry received a PPP loan. These local businesses reported an average of 10 employees (compared to this company's 7) and received an average PPP loan of $84,177 (compared to this company's $46,427).
Similar Nearby Businesses Who Received PPP Funding:
Tobin Corporation DBA United Auto Parts
Joe's Auto Parts Inc
Royal Oak, MI
United Auto Parts
Container Security Solutions LLC
Royal Oak, MI
Motor City Auto Spa LLC
Royal Oak, MI
Ryan's Highway Auto Parts Inc
Industry PPP Comparison Statistics
Nationwide, 17,983 businesses in the "Automotive Parts and Accessories Stores" industry received a total of $1.2B 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 8 employees, 14% higher than G & L Powerup, Inc's reported 7 employees, and received an average PPP loan of $66,454, 43% higher than this company's loan of $46,427.
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Footnotes & Information
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