PPP Loan Data — R And M Auto Parts Corp, Montrose, CO
R And M Auto Parts Corp is a subchapter s corporation located at 1880 Townsend Ave N in Montrose, Colorado that received a Coronavirus-related PPP loan from the SBA of $46,859.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:U.S. Bank, National Association
R And M Auto Parts Corp in Montrose, CO received a Paycheck Protection Loan of $46,859 through U.S. Bank, National Association, which was approved in May, 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, R And M Auto Parts Corp's 2019 payroll expenses are estimated to be at least $224,923.
Based on their reported 6 jobs retained, this equals an estimated average yearly compensation of $37,487 per employee1
Reported PPP Proceed Usage:
On the PPP application, R And M Auto Parts Corp reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,859
Business Information - R And M Auto Parts Corp in Montrose, CO
1880 Townsend Ave N
Montrose, CO 81401
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 Montrose
In the Montrose area, 9 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 6) and received an average PPP loan of $28,362 (compared to this company's $46,859).
Similar Nearby Businesses Who Received PPP Funding:
Dads Automotive LLC
Mccracken's Field Service, LLC
Montrose Tire & Brake
Ron's Auto Repair LLC
Western Slope Radiator Inc
Rainbow Garage LLC
JDI Services LLC
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, 17% lower than R And M Auto Parts Corp's reported 6 employees, and received an average PPP loan of $41,461, 12% lower than this company's loan of $46,859.
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Footnotes & Information
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