PPP Loan Data — Pinnacle Holdings Group Inc, Orem, UT
Pinnacle Holdings Group Inc is a corporation located at 1042 S Geneva Rd in Orem, Utah that received a Coronavirus-related PPP loan from the SBA of $45,900.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least four people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Pinnacle Holdings Group Inc in Orem, UT received a Paycheck Protection Loan of $45,900 through Central 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, Pinnacle Holdings Group Inc's 2019 payroll expenses are estimated to be at least $220,320.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $55,080 per employee1
Reported PPP Proceed Usage:
On the PPP application, Pinnacle Holdings Group Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $45,900
Business Information - Pinnacle Holdings Group Inc in Orem, UT
1042 S Geneva Rd
Orem, UT 84059
All Other Automotive Repair and Maintenance
NAICS code 811198
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Orem
In the Orem area, 4 businesses in the "All Other Automotive Repair and Maintenance" industry received a PPP loan. These local businesses reported an average of 5 employees (compared to this company's 4) and received an average PPP loan of $28,588 (compared to this company's $45,900).
Similar Nearby Businesses Who Received PPP Funding:
Ray LLC DBA Autopilot Of
Diego's Shop Inc
C & T Automotive Machine, Inc
Industry PPP Comparison Statistics
Nationwide, 17,942 businesses in the "All Other Automotive Repair and Maintenance" industry received a total of $688.12M 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 4 employees, the same amount reported by Pinnacle Holdings Group Inc and received an average PPP loan of $38,352, 16% lower than this company's loan of $45,900.
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Footnotes & Information
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