PPP Loan Data — Planet Tire Shop 2, Houston, TX
Planet Tire Shop 2 is a sole proprietorship located at 12769 Beechnut St, Suite A100,12769 Beechnut St in Houston, Texas that received a Coronavirus-related PPP loan from the SBA of $46,701.00 in June, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Cross River Bank
Planet Tire Shop 2 in Houston, TX received a Paycheck Protection Loan of $46,701 through Cross River Bank, which was approved in June, 2020.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 2. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
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, Planet Tire Shop 2's 2019 payroll expenses are estimated to be at least $224,165 (not accounting for salary amounts > $100k).
Because the 2 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Reported PPP Proceed Usage:
On the PPP application, Planet Tire Shop 2 reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,701
Business Information - Planet Tire Shop 2 in Houston, TX
12769 Beechnut St, Suite A100,12769 Beechnut St
Houston, TX 77072
NAICS code 441320
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Houston
In the Houston area, 6 businesses in the "Tire Dealers" industry received a PPP loan. These local businesses reported an average of 2 employees (compared to this company's 2) and received an average PPP loan of $34,082 (compared to this company's $46,701).
Similar Nearby Businesses Who Received PPP Funding:
Johnnys Mobile Tire Service
Wheel Trend LLC
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, 400% higher than Planet Tire Shop 2's reported 2 employees, and received an average PPP loan of $92,049, 97% higher than this company's loan of $46,701.
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Footnotes & Information
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