PPP Loan Data — MCL Tire Sales, Inc, Sparta, MI
MCL Tire Sales, Inc
Location: Sparta, MITweet This • Search All PPP Data
MCL Tire Sales, Inc is a corporation located at 430 E Division St. in Sparta, Michigan that received a Coronavirus-related PPP loan from the SBA of $24,972.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
MCL Tire Sales, Inc in Sparta, MI received a Paycheck Protection Loan of $24,972 through Independent 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, MCL Tire Sales, Inc's 2019 payroll expenses are estimated to be at least $119,866.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $39,955 per employee1
Reported PPP Proceed Usage:
On the PPP application, MCL Tire Sales, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,972
Business Information - MCL Tire Sales, Inc in Sparta, MI
430 E Division St.
Sparta, MI 49345
Automobile and Other Motor Vehicle Merchant Wholesalers
NAICS code 423110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
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, 200% higher than MCL Tire Sales, Inc's reported 3 employees, and received an average PPP loan of $98,432, 294% higher than this company's loan of $24,972.
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Footnotes & Information
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