PPP Loan Data — Palm Truck Centers Inc, Fort Lauderdale, FL
Palm Truck Centers Inc
Entity: Subchapter S Corporation
Location: Fort Lauderdale, FLTweet This • Search All PPP Data
Palm Truck Centers Inc is a subchapter s corporation located at 441 South State Road 7 in Fort Lauderdale, Florida that received a Coronavirus-related PPP loan from the SBA of $1,573,878.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Bank of America, National Association
Palm Truck Centers Inc in Fort Lauderdale, FL received a Paycheck Protection Loan of $1.57M through Bank of America, National Association, 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 May, 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, Palm Truck Centers Inc's 2019 payroll expenses are estimated to be at least $7.55M.
Based on their reported 133 jobs retained, this equals an estimated average yearly compensation of $56,802 per employee1
Reported PPP Proceed Usage:
On the PPP application, Palm Truck Centers Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,573,878
Business Information - Palm Truck Centers Inc in Fort Lauderdale, FL
441 South State Road 7
Fort Lauderdale, FL 33317
Automobile and Other Motor Vehicle Merchant Wholesalers
NAICS code 423110
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Fort Lauderdale
In the Fort Lauderdale area, 9 businesses in the "Automobile and Other Motor Vehicle Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 23 employees (compared to this company's 133) and received an average PPP loan of $311,693 (compared to this company's $1.57M).
Similar Nearby Businesses Who Received PPP Funding:
Ferretti Group Of America, LLC
Ft Lauderdale, FL
Capital Motor Parts Inc
TJW Auto Sales Inc
Allied Marine, Inc
Fort Lauderdale, FL
Driven Auto Transport LLC
Fort Lauderdale, FL
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, 93% lower than Palm Truck Centers Inc's reported 133 employees, and received an average PPP loan of $98,432, 94% lower than this company's loan of $1.57M.
FederalPay's PPP Information Policy
Footnotes & Information
Have FederalPay.org's open data tools been valuable? Consider donating!