PPP Loan Data — Garys I75 Auto Sales LLC, Franklin, OH
Garys I75 Auto Sales LLC is a limited liability company (LLC) located in Franklin, Ohio that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least one person during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Garys I75 Auto Sales LLC in Franklin, OH received a Paycheck Protection Loan of $25,000 through Peoples Bank, which was approved in April, 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.The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 1 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 1. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
Reported PPP Proceed Usage:
On the PPP application, Garys I75 Auto Sales LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $18,750
- Rent: $6,250
Business Information - Garys I75 Auto Sales LLC in Franklin, OH
* Full address is redacted to protect the privacy of individuals.
Used Car Dealers
NAICS code 441120
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Franklin
In the Franklin area, 12 businesses in the "Used Car Dealers" industry received a PPP loan. These local businesses reported an average of 2 employees (compared to this company's 1) and received an average PPP loan of $21,879 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Forman Auto Sales, LLC
Mid-Towne Auto Center, Inc
VIP Auto Sales And Service LLC
Garys I 75 Auto Sales LLC
Ellenburg Motors, LLC
Trust Auto Inc
Industry PPP Comparison Statistics
Nationwide, 40,336 businesses in the "Used Car Dealers" industry received a total of $2.19B 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 6 employees, 500% higher than Garys I75 Auto Sales LLC's reported 1 employees, and received an average PPP loan of $54,194, 117% higher than this company's loan of $25,000.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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