PPP Loan Data — Lane Corp, Statesville, NC
Lane Corp is a corporation located at 1550 Salisbury Hwy in Statesville, North Carolina that received a Coronavirus-related PPP loan from the SBA of $25,200.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:First National Bank of Pennsylvania
Lane Corp in Statesville, NC received a Paycheck Protection Loan of $25,200 through First National Bank of Pennsylvania, 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, Lane Corp's 2019 payroll expenses are estimated to be at least $120,960.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $40,320 per employee1
Reported PPP Proceed Usage:
On the PPP application, Lane Corp reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,200
Business Information - Lane Corp in Statesville, NC
1550 Salisbury Hwy
Statesville, NC 28677
NAICS code 441320
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Statesville
In the Statesville area, 5 businesses in the "Tire Dealers" industry received a PPP loan. These local businesses reported an average of 7 employees (compared to this company's 3) and received an average PPP loan of $57,255 (compared to this company's $25,200).
Similar Nearby Businesses Who Received PPP Funding:
Mountain Man Tire, Inc
Alray Tire Center Of Statesville, Inc
CM Used Tires & Wheels, LLC
Myers Tire & Auto Center, Inc
Industry PPP Comparison Statistics
Nationwide, 8,434 businesses in the "Tire Dealers" industry received a total of $776.34M 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 10 employees, 233% higher than Lane Corp's reported 3 employees, and received an average PPP loan of $92,049, 265% higher than this company's loan of $25,200.
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Footnotes & Information
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