PPP Loan Data — OK Tire Store, Inc, Fargo, ND
OK Tire Store, Inc is a corporation located at 2224 Main Ave in Fargo, North Dakota that received a Coronavirus-related PPP loan from the SBA of $2,158,400.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:First International Bank & Trust
OK Tire Store, Inc in Fargo, ND received a Paycheck Protection Loan of $2.16M through First International Bank & Trust, 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, OK Tire Store, Inc's 2019 payroll expenses are estimated to be at least $10.36M.
Based on their reported 168 jobs retained, this equals an estimated average yearly compensation of $61,669 per employee1
Reported PPP Proceed Usage:
On the PPP application, OK Tire Store, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,158,400
Business Information - OK Tire Store, Inc in Fargo, ND
2224 Main Ave
Fargo, ND 58103
NAICS code 441320
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Fargo
In the Fargo area, 3 businesses in the "Tire Dealers" industry received a PPP loan. These local businesses reported an average of 68 employees (compared to this company's 168) and received an average PPP loan of $847,819 (compared to this company's $2.16M).
Similar Nearby Businesses Who Received PPP Funding:
Fargo Tire Service, Inc
Schumacher Se, LTD
Industry PPP Comparison Statistics
Nationwide, 8,434 businesses in the "Tire Dealers" industry received a total of $776.34M 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 10 employees, 94% lower than OK Tire Store, Inc's reported 168 employees, and received an average PPP loan of $92,049, 96% lower than this company's loan of $2.16M.
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Footnotes & Information
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