PPP Loan Data — Reliable Tire Distributors, Blackwood, NJ
Reliable Tire Distributors is a corporation located at 805 N Black Horse Pike in Blackwood, New Jersey that received a Coronavirus-related PPP loan from the SBA of $2,375,325.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Fulton Bank, National Association
Reliable Tire Distributors in Blackwood, NJ received a Paycheck Protection Loan of $2.38M through Fulton Bank, National Association, 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, Reliable Tire Distributors' 2019 payroll expenses are estimated to be at least $11.4M.
Based on their reported 159 jobs retained, this equals an estimated average yearly compensation of $71,708 per employee1
Reported PPP Proceed Usage:
On the PPP application, Reliable Tire Distributors reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,781,494
- Utilities: $296,916
- Rent: $296,916
Business Information - Reliable Tire Distributors in Blackwood, NJ
805 N Black Horse Pike
Blackwood, NJ 8012
Tire and Tube Merchant Wholesalers
NAICS code 423130
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 1,312 businesses in the "Tire and Tube Merchant Wholesalers" industry received a total of $159.34M 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 13 employees, 92% lower than Reliable Tire Distributors' reported 159 employees, and received an average PPP loan of $121,445, 95% lower than this company's loan of $2.38M.
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Footnotes & Information
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