PPP Loan Data — Pearson Tire & Automotive Services Inc, Hopewell, VA
Pearson Tire & Automotive Services Inc is a corporation located at 711 South 15th Ave in Hopewell, Virginia that received a Coronavirus-related PPP loan from the SBA of $24,947.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:The Bank of Southside Virginia
Pearson Tire & Automotive Services Inc in Hopewell, VA received a Paycheck Protection Loan of $24,947 through The Bank of Southside Virginia, 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, Pearson Tire & Automotive Services Inc's 2019 payroll expenses are estimated to be at least $119,746.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $29,937 per employee1
Reported PPP Proceed Usage:
On the PPP application, Pearson Tire & Automotive Services Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,947
Business Information - Pearson Tire & Automotive Services Inc in Hopewell, VA
711 South 15th Ave
Hopewell, VA 23860
General Automotive Repair
NAICS code 811111
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Hopewell
In the Hopewell area, 8 businesses in the "General Automotive Repair" industry received a PPP loan. These local businesses reported an average of 4 employees (compared to this company's 4) and received an average PPP loan of $33,727 (compared to this company's $24,947).
Similar Nearby Businesses Who Received PPP Funding:
Ricks Auto Services
West End Service Center Inc
Commonwealth Coach Inc
Blooming Idiots Inc
Industry PPP Comparison Statistics
Nationwide, 95,091 businesses in the "General Automotive Repair" industry received a total of $3.94B 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 5 employees, 25% higher than Pearson Tire & Automotive Services Inc's reported 4 employees, and received an average PPP loan of $41,461, 66% higher than this company's loan of $24,947.
FederalPay's PPP Information Policy
Footnotes & Information
Have FederalPay.org's open data tools been valuable? Consider donating!