PPP Loan Data — Koolit Truck Sales Inc, Sumner, WA
Koolit Truck Sales Inc is a corporation located at 2823 West Valley Hwy E in Sumner, Washington that received a Coronavirus-related PPP loan from the SBA of $24,900.00 in April, 2020.
The company has reported itself as a female owned business, and employed at least two people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Koolit Truck Sales Inc in Sumner, WA received a Paycheck Protection Loan of $24,900 through Timberland Bank, 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 May, 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, Koolit Truck Sales Inc's 2019 payroll expenses are estimated to be at least $119,520.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $59,760 per employee1
Reported PPP Proceed Usage:
On the PPP application, Koolit Truck Sales Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,900
Business Information - Koolit Truck Sales Inc in Sumner, WA
2823 West Valley Hwy E
Sumner, WA 98390
New Car Dealers
NAICS code 441110
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Female Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Sumner
In the Sumner area, 4 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 93 employees (compared to this company's 2) and received an average PPP loan of $1,066,600 (compared to this company's $24,900).
Similar Nearby Businesses Who Received PPP Funding:
Sunset Chevrolet, Inc
Sunset Ford, Inc
Industry PPP Comparison Statistics
Nationwide, 19,896 businesses in the "New Car Dealers" industry received a total of $12.31B 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 52 employees, 2500% higher than Koolit Truck Sales Inc's reported 2 employees, and received an average PPP loan of $618,860, 2385% higher than this company's loan of $24,900.
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Footnotes & Information
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