PPP Loan Data — Limerick Collision Inc, Medway, MA
Limerick Collision Inc is a corporation located at 298 Village St in Medway, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $24,877.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Bank of America, National Association
Limerick Collision Inc in Medway, MA received a Paycheck Protection Loan of $24,877 through Bank of America, National Association, which was approved in May, 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 January, 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, Limerick Collision Inc's 2019 payroll expenses are estimated to be at least $119,410.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $59,705 per employee1
Reported PPP Proceed Usage:
On the PPP application, Limerick Collision Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,877
Business Information - Limerick Collision Inc in Medway, MA
298 Village St
Medway, MA 2053
General Automotive Repair
NAICS code 811111
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Medway
In the Medway area, 16 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 2) and received an average PPP loan of $51,029 (compared to this company's $24,877).
Similar Nearby Businesses Who Received PPP Funding:
R & R Auto Reapir, Inc
Foreign Car Repairs
Shawn's Auto Repair, Inc
Floyd & Glenn, Inc
Chris' Auto And Truck Repair Inc
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, 150% higher than Limerick Collision Inc's reported 2 employees, and received an average PPP loan of $41,461, 67% higher than this company's loan of $24,877.
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Footnotes & Information
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