PPP Loan Data — Larsen's Auto Repair Inc, Provo, UT
Larsen's Auto Repair Inc is a corporation located at 85 East 600 South in Provo, Utah that received a Coronavirus-related PPP loan from the SBA of $24,825.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least five people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Larsen's Auto Repair Inc in Provo, UT received a Paycheck Protection Loan of $24,825 through Central 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 February, 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, Larsen's Auto Repair Inc's 2019 payroll expenses are estimated to be at least $119,160.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $23,832 per employee1
Reported PPP Proceed Usage:
On the PPP application, Larsen's Auto Repair Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,825
Business Information - Larsen's Auto Repair Inc in Provo, UT
85 East 600 South
Provo, UT 84606
General Automotive Repair
NAICS code 811111
Business Owner Demographics
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Provo
In the Provo area, 10 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 5) and received an average PPP loan of $36,296 (compared to this company's $24,825).
Similar Nearby Businesses Who Received PPP Funding:
Johnson Family Motors LLC
Hoffman Auto Repair, Inc
Sierra Diesel Auto Solution LLC
Provo Car Medic LLC
Apathy Management LLC
Bradford Automotive Service LLC
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, the same amount reported by Larsen's Auto Repair Inc and received an average PPP loan of $41,461, 67% higher than this company's loan of $24,825.
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Footnotes & Information
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