PPP Loan Data — Master Auto Electric Inc, Austin, TX
Master Auto Electric Inc
Location: Austin, TXTweet This • Search All PPP Data
Master Auto Electric Inc is a corporation located at 2700 E 7th St in Austin, Texas that received a Coronavirus-related PPP loan from the SBA of $24,952.00 in May, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:JPMorgan Chase Bank, National Association
Master Auto Electric Inc in Austin, TX received a Paycheck Protection Loan of $24,952 through JPMorgan Chase Bank, National Association, which was approved in May, 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, Master Auto Electric Inc's 2019 payroll expenses are estimated to be at least $119,770.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $39,923 per employee1
Reported PPP Proceed Usage:
On the PPP application, Master Auto Electric Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $19,000
- Utilities: $1,452
- Rent: $4,500
Business Information - Master Auto Electric Inc in Austin, TX
2700 E 7th St
Austin, TX 78702
Other Automotive Mechanical and Electrical Repair and Maintenance
NAICS code 811118
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Austin
In the Austin area, 2 businesses in the "Other Automotive Mechanical and Electrical Repair and Maintenance" industry received a PPP loan. These local businesses reported an average of 4 employees (compared to this company's 3) and received an average PPP loan of $34,546 (compared to this company's $24,952).
Similar Nearby Businesses Who Received PPP Funding:
Leos Service Station LLC
Industry PPP Comparison Statistics
Nationwide, 22,608 businesses in the "Other Automotive Mechanical and Electrical Repair and Maintenance" industry received a total of $645.02M 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 3 employees, the same amount reported by Master Auto Electric Inc and received an average PPP loan of $28,531, 14% higher than this company's loan of $24,952.
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