PPP Loan Data — Lovett Auto & Tractor Parts, Inc, Ruleville, MS
Lovett Auto & Tractor Parts, Inc is a corporation located at 800 North Oak Ave in Ruleville, Mississippi that received a Coronavirus-related PPP loan from the SBA of $24,872.00 in April, 2020.
The company has reported itself as a female owned business, and employed at least six people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Planters Bank & Trust Company
Lovett Auto & Tractor Parts, Inc in Ruleville, MS received a Paycheck Protection Loan of $24,872 through Planters Bank & Trust Company, 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 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, Lovett Auto & Tractor Parts, Inc's 2019 payroll expenses are estimated to be at least $119,386.
Based on their reported 6 jobs retained, this equals an estimated average yearly compensation of $19,898 per employee1
Reported PPP Proceed Usage:
On the PPP application, Lovett Auto & Tractor Parts, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,872
Business Information - Lovett Auto & Tractor Parts, Inc in Ruleville, MS
800 North Oak Ave
Ruleville, MS 38771
Automotive Parts and Accessories Stores
NAICS code 441310
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Female Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Rural
Industry PPP Comparison Statistics
Nationwide, 17,983 businesses in the "Automotive Parts and Accessories Stores" industry received a total of $1.2B 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 8 employees, 33% higher than Lovett Auto & Tractor Parts, Inc's reported 6 employees, and received an average PPP loan of $66,454, 167% higher than this company's loan of $24,872.
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Footnotes & Information
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