PPP Loan Data — Robert Hicks DBA Hicks Vw Service, Durham, NC
Robert Hicks DBA Hicks Vw Service is a sole proprietorship located at 3301 Angier Ave in Durham, North Carolina that received a Coronavirus-related PPP loan from the SBA of $25,202.00 in May, 2020.
The company has reported itself as a White male owned business, and employed at least three people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:First Horizon Bank
Robert Hicks DBA Hicks Vw Service in Durham, NC received a Paycheck Protection Loan of $25,202 through First Horizon Bank, which was approved in May, 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, Robert Hicks DBA Hicks Vw Service's 2019 payroll expenses are estimated to be at least $120,970.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $40,323 per employee1
Reported PPP Proceed Usage:
On the PPP application, Robert Hicks DBA Hicks Vw Service reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,202
Business Information - Robert Hicks DBA Hicks Vw Service in Durham, NC
3301 Angier Ave
Durham, NC 27703
General Automotive Repair
NAICS code 811111
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: New Business or 2 years or less
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Durham
In the Durham area, 24 businesses in the "General Automotive Repair" industry received a PPP loan. These local businesses reported an average of 5 employees (compared to this company's 3) and received an average PPP loan of $44,852 (compared to this company's $25,202).
Similar Nearby Businesses Who Received PPP Funding:
Chandlers Tire Auto & Towing LLC
East Coast Diesel LLC
ATC At The Park Inc
Bragown Auto Care Inc
Absolute Tire Company
Park Auto Service, LLC
LDA Towing And Auto Repair LLC
Davids Auto Service Center 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, 67% higher than Robert Hicks DBA Hicks Vw Service's reported 3 employees, and received an average PPP loan of $41,461, 65% higher than this company's loan of $25,202.
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Footnotes & Information
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