PPP Loan Data — Legacy Truck Centers Inc, Somerset, PA
Legacy Truck Centers Inc
Location: Somerset, PATweet This • Search All PPP Data
Legacy Truck Centers Inc is a corporation located at 178 Lewis Dr Po Box 1258 in Somerset, Pennsylvania that received a Coronavirus-related PPP loan from the SBA of $2,193,600.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least 198 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:AmeriServ Financial Bank
Legacy Truck Centers Inc in Somerset, PA received a Paycheck Protection Loan of $2.19M through AmeriServ Financial Bank, which was approved in April, 2020.
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, Legacy Truck Centers Inc's 2019 payroll expenses are estimated to be at least $10.53M.
Based on their reported 198 jobs retained, this equals an estimated average yearly compensation of $53,178 per employee1
Reported PPP Proceed Usage:
On the PPP application, Legacy Truck Centers Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,193,600
Business Information - Legacy Truck Centers Inc in Somerset, PA
178 Lewis Dr Po Box 1258
Somerset, PA 15501
Automobile and Other Motor Vehicle Merchant Wholesalers
NAICS code 423110
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Industry PPP Comparison Statistics
Nationwide, 10,057 businesses in the "Automobile and Other Motor Vehicle Merchant Wholesalers" industry received a total of $989.93M 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 9 employees, 95% lower than Legacy Truck Centers Inc's reported 198 employees, and received an average PPP loan of $98,432, 96% lower than this company's loan of $2.19M.
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Footnotes & Information
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