PPP Loan Data — Lincoln Truck & Suv, Lincoln, MI
Lincoln Truck & Suv is a sole proprietorship located at 100 Main Street in Lincoln, Michigan that received a Coronavirus-related PPP loan from the SBA of $25,100.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Huron Community Bank
Lincoln Truck & Suv in Lincoln, MI received a Paycheck Protection Loan of $25,100 through Huron Community 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 June, 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, Lincoln Truck & Suv's 2019 payroll expenses are estimated to be at least $120,480.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $60,240 per employee1
Reported PPP Proceed Usage:
On the PPP application, Lincoln Truck & Suv reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $23,100
- Utilities: $500
- Mortgage Interest: $1,500
Business Information - Lincoln Truck & Suv in Lincoln, MI
100 Main Street
Lincoln, MI 48742
Used Car Dealers
NAICS code 441120
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Lincoln
In the Lincoln area, 2 businesses in the "Used Car Dealers" industry received a PPP loan. These local businesses reported an average of 2 employees (compared to this company's 2) and received an average PPP loan of $25,100 (compared to this company's $25,100).
Similar Nearby Businesses Who Received PPP Funding:
Industry PPP Comparison Statistics
Nationwide, 40,336 businesses in the "Used Car Dealers" industry received a total of $2.19B 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, 200% higher than Lincoln Truck & Suv's reported 2 employees, and received an average PPP loan of $54,194, 116% higher than this company's loan of $25,100.
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Footnotes & Information
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