PPP Loan Data — Jim's Auto Repair Of Venice Inc, Venice, FL
Jim's Auto Repair Of Venice Inc is a corporation located at 629 E Venice Ave in Venice, Florida that received a Coronavirus-related PPP loan from the SBA of $25,300.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Truist Bank d/b/a Branch Banking & Trust Co
Jim's Auto Repair Of Venice Inc in Venice, FL received a Paycheck Protection Loan of $25,300 through Truist Bank d/b/a Branch Banking & Trust Co, 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, Jim's Auto Repair Of Venice Inc's 2019 payroll expenses are estimated to be at least $121,440.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $30,360 per employee1
Reported PPP Proceed Usage:
On the PPP application, Jim's Auto Repair Of Venice Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,300
Business Information - Jim's Auto Repair Of Venice Inc in Venice, FL
629 E Venice Ave
Venice, FL 34285
General Automotive Repair
NAICS code 811111
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Venice
In the Venice area, 23 businesses in the "General Automotive Repair" industry received a PPP loan. These local businesses reported an average of 5 employees (compared to this company's 4) and received an average PPP loan of $40,795 (compared to this company's $25,300).
Similar Nearby Businesses Who Received PPP Funding:
Horst Prestige Automotive Service Inc
Fide Automotive Inc
Steve's Garage Inc
Matrix Auto, LLC
North Port, FL
Tim's Automotive Of Venice, Inc
North Port, FL
Venice Auto Repair LLC
Car Doc On The Island
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, 25% higher than Jim's Auto Repair Of Venice Inc's reported 4 employees, and received an average PPP loan of $41,461, 64% higher than this company's loan of $25,300.
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Footnotes & Information
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