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PPP Loan Data — Lamettry's Collision Inc,
Inver Grove Heights, MN
Lamettry's Collision Inc
Entity: Corporation
Industry: Automotive Exhaust System Repair
Location: Inver Grove Heights, MN
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Lamettry's Collision Inc is a corporation located at 4700 S Robert Trl in Inver Grove Heights, Minnesota that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in January, 2021.
The company has reported itself as a White female owned business, and employed at least 290 people during the applicable loan loan period.
$
PPP Loan Information
Loan #4721618310
Loan Size:
Jobs Retained:
290Loan Approved:
2021-01-23Loan Status:
Paid in Full or ForgivenLender:
Deerwood BankLamettry's Collision Inc in Inver Grove Heights, MN received a Paycheck Protection Loan of $2M through Deerwood Bank, which was approved in January, 2021.
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 August, 2021.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.
Read MoreUnderstanding Payroll Estimates Based On PPP Amount
Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.
Read MoreBased 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, Lamettry's Collision Inc's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 290 jobs retained, this equals an estimated average yearly compensation of $33,103 per employee1
Reported PPP Proceed Usage:
On the PPP application, Lamettry's Collision Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,997
- Utilities: $1
Business Information - Lamettry's Collision Inc in Inver Grove Heights, MN
4700 S Robert Trl
Inver Grove Heights, MN 55077
Business Industry:
Automotive Exhaust System Repair
NAICS code 811112
Business Owner Demographics
Race: White
Ethnicity: Not Hispanic or Latino
Gender: Female Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: Y
HUBZone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 1,449 businesses in the "Automotive Exhaust System Repair" industry received a total of $71.32M 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, 98% lower than Lamettry's Collision Inc's reported 290 employees, and received an average PPP loan of $49,224, 98% lower than this company's loan of $2M.
Lamettry's Collision Inc
Entity: Corporation
Industry: General Automotive Repair
Location: Inver Grove Heights, MN
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Lamettry's Collision Inc is a corporation located at 4700 South Robert Trail in Inver Grove Heights, Minnesota that received a Coronavirus-related PPP loan from the SBA of $4,235,400.00 in April, 2020.
The company has reported itself as a White female owned business, and employed at least 250 people during the applicable loan loan period.
$
PPP Loan Information
Loan #4887077002
Loan Size:
Jobs Retained:
250Loan Approved:
2020-04-04Loan Status:
Paid in Full or ForgivenLender:
Deerwood BankLamettry's Collision Inc in Inver Grove Heights, MN received a Paycheck Protection Loan of $4.24M through Deerwood 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
The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.
Read MoreUnderstanding Payroll Estimates Based On PPP Amount
Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.
Read MoreBased 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, Lamettry's Collision Inc's 2019 payroll expenses are estimated to be at least $20.33M.
Based on their reported 250 jobs retained, this equals an estimated average yearly compensation of $81,320 per employee1
Reported PPP Proceed Usage:
On the PPP application, Lamettry's Collision Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $3,331,800
- Utilities: $203,100
- Rent: $424,500
- Health Care: $276,000
Business Information - Lamettry's Collision Inc in Inver Grove Heights, MN
4700 South Robert Trail
Inver Grove Heights, MN 55077
Business Industry:
General Automotive Repair
NAICS code 811111
Business Owner Demographics
Race: White
Ethnicity: Not Hispanic or Latino
Gender: Female Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: Y
HUBZone: N
Rural / Urban: Urban
Similar Companies near Inver Grove Heights
In the Inver Grove Heights area, 11 businesses in the "General Automotive Repair" industry received a PPP loan. These local businesses reported an average of 29 employees (compared to this company's 250) and received an average PPP loan of $475,769 (compared to this company's $4.24M).
Similar Nearby Businesses Who Received PPP Funding:
Red's Automotive LLC
Inver Grove, MN
Jennari Group Inc
Inver Grove Heights, MN
Wayne Anderson
Inver Grove, MN
Larson Tire And Auto Service, Inc
Inver Grove Heights, MN
PDB Autocare LLC
Inver Grove Heights, MN
Truck Repair & Equipment Company Inc
Inver Grove Heights, MN
The Professional Garage Inc
Inver Grove Heights, MN
Jerald Franklin
Inver Grove Heights, MN
Industry PPP Comparison Statistics
Nationwide, 93,538 businesses in the "General Automotive Repair" industry received a total of $3.91B 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, 98% lower than Lamettry's Collision Inc's reported 250 employees, and received an average PPP loan of $41,765, 99% lower than this company's loan of $4.24M.
FederalPay's PPP Information Policy
Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.
All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.
Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.
Footnotes & Information
1. Estimations for informational purposes only. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.
2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.
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