PPP Loan Data — Ithaca Auto Service, Ithaca, NY
Ithaca Auto Service is a subchapter s corporation located at 618 Elmira Road in Ithaca, New York that received a Coronavirus-related PPP loan from the SBA of $24,942.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least six people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Manufacturers and Traders Trust Company
Ithaca Auto Service in Ithaca, NY received a Paycheck Protection Loan of $24,942 through Manufacturers and Traders Trust Company, 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 March, 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, Ithaca Auto Service's 2019 payroll expenses are estimated to be at least $119,722.
Based on their reported 6 jobs retained, this equals an estimated average yearly compensation of $19,954 per employee1
Reported PPP Proceed Usage:
On the PPP application, Ithaca Auto Service reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $16,800
- Utilities: $425
- Rent: $7,717
Business Information - Ithaca Auto Service in Ithaca, NY
618 Elmira Road
Ithaca, NY 14850
General Automotive Repair
NAICS code 811111
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: Y
Rural / Urban: Rural
Similar Companies near Ithaca
In the Ithaca area, 11 businesses in the "General Automotive Repair" industry received a PPP loan. These local businesses reported an average of 7 employees (compared to this company's 6) and received an average PPP loan of $60,069 (compared to this company's $24,942).
Similar Nearby Businesses Who Received PPP Funding:
SLW Properties LLC
Taber St Auto Repair
Hunt's Auto Service
Taber Street Auto Repair
Diane's Downtown Automotive LLC
Varna Auto Service, Inc
Industry PPP Comparison Statistics
Nationwide, 95,091 businesses in the "General Automotive Repair" industry received a total of $3.94B 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 5 employees, 17% lower than Ithaca Auto Service's reported 6 employees, and received an average PPP loan of $41,461, 66% higher than this company's loan of $24,942.
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Footnotes & Information
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