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PPP Loan Data — Garage Door Rescue Inc, Daphne, AL

SBA PPP loan data, payroll data, and salaries for Garage Door Rescue Inc
AL

Garage Door Rescue Inc

Entity: Corporation

Industry: All Other Specialty Trade Contractors

Location: Daphne, AL

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Garage Door Rescue Inc is a corporation located at 25476 Friendship Rd Unit D in Daphne, Alabama that received a Coronavirus-related PPP loan from the SBA of $29,000.00 in April, 2020.

The company has reported itself as a White male owned business, and employed at least three people during the applicable loan loan period.

$ PPP Loan Information
Loan #3751857301

Loan Size:

$29,000

Jobs Retained:

3

Loan Approved:

2020-04-29

Loan Status:

Paid in Full or Forgiven

Lender:

Community Bank of Mississippi

Garage Door Rescue Inc in Daphne, AL received a Paycheck Protection Loan of $29,000 through Community Bank of Mississippi, which was approved in April, 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 January, 2021.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

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, Garage Door Rescue Inc's 2019 payroll expenses are estimated to be at least $139,200.

Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $46,400 per employee1

Reported PPP Proceed Usage:

On the PPP application, Garage Door Rescue Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $26,600
  • Utilities: $2,400

Business Information - Garage Door Rescue Inc in Daphne, AL

Garage Door Rescue Inc
25476 Friendship Rd Unit D
Daphne, AL 36526

Business Industry:
All Other Specialty Trade Contractors
NAICS code 238990

Business Owner Demographics

Race: White

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Rural

Baldwin County, AL — SBA Office 0459 — Congressional District: AL-01

Similar Companies near Daphne

In the Daphne area, 25 businesses in the "All Other Specialty Trade Contractors" industry received a PPP loan. These local businesses reported an average of 10 employees (compared to this company's 3) and received an average PPP loan of $136,033 (compared to this company's $29,000).

Industry PPP Comparison Statistics

Nationwide, 92,275 businesses in the "All Other Specialty Trade Contractors" industry received a total of $8.02B 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, 167% higher than Garage Door Rescue Inc's reported 3 employees, and received an average PPP loan of $86,934, 200% higher than this company's loan of $29,000.

FederalPay's PPP Information Policy

Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.

All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.

Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.

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Footnotes & Information

1. Estimations for informational purposes only. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.

2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.


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Source: www.federalpay.org/paycheck-protection-program/garage-door-rescue-inc-daphne-al