PPP Loan Data — Howell's Motor Freight, Inc, Cloverdale, VA
Howell's Motor Freight, Inc
Location: Cloverdale, VATweet This • Search All PPP Data
Howell's Motor Freight, Inc is a corporation located at 51 Simmons Dr in Cloverdale, Virginia that received a Coronavirus-related PPP loan from the SBA of $2,113,000.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:American National Bank and Trust Company
Howell's Motor Freight, Inc in Cloverdale, VA received a Paycheck Protection Loan of $2.11M through American National 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, Howell's Motor Freight, Inc's 2019 payroll expenses are estimated to be at least $10.14M.
Based on their reported 215 jobs retained, this equals an estimated average yearly compensation of $47,174 per employee1
Reported PPP Proceed Usage:
On the PPP application, Howell's Motor Freight, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,971,000
- Utilities: $47,700
- Mortgage Interest: $94,300
Business Information - Howell's Motor Freight, Inc in Cloverdale, VA
51 Simmons Dr
Cloverdale, VA 24077
General Freight Trucking, Long-Distance, Truckload
NAICS code 484121
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Cloverdale
In the Cloverdale area, 3 businesses in the "General Freight Trucking, Long-Distance, Truckload" industry received a PPP loan. These local businesses reported an average of 74 employees (compared to this company's 215) and received an average PPP loan of $720,778 (compared to this company's $2.11M).
Similar Nearby Businesses Who Received PPP Funding:
DL Jessup Investments Inc
Industry PPP Comparison Statistics
Nationwide, 116,089 businesses in the "General Freight Trucking, Long-Distance, Truckload" industry received a total of $4.64B 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 3 employees, 99% lower than Howell's Motor Freight, Inc's reported 215 employees, and received an average PPP loan of $39,939, 98% lower than this company's loan of $2.11M.
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Footnotes & Information
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