PPP Loan Data — Speed Motor Express Of WNY., Inc, Buffalo, NY
Speed Motor Express Of WNY., Inc is a corporation located at 2299 Kenmore Avenue in Buffalo, New York that received a Coronavirus-related PPP loan from the SBA of $1,830,000.00 in April, 2020.
The company has reported itself as a White owned business, and employed at least 169 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Manufacturers and Traders Trust Company
Speed Motor Express Of WNY., Inc in Buffalo, NY received a Paycheck Protection Loan of $1.83M through Manufacturers and Traders Trust Company, 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, Speed Motor Express Of WNY., Inc's 2019 payroll expenses are estimated to be at least $8.78M.
Based on their reported 169 jobs retained, this equals an estimated average yearly compensation of $51,976 per employee1
Reported PPP Proceed Usage:
On the PPP application, Speed Motor Express Of WNY., Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,360,801
- Rent: $469,199
Business Information - Speed Motor Express Of WNY., Inc in Buffalo, NY
2299 Kenmore Avenue
Buffalo, NY 14207
General Freight Trucking, Local
NAICS code 484110
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Buffalo
In the Buffalo area, 17 businesses in the "General Freight Trucking, Local" industry received a PPP loan. These local businesses reported an average of 19 employees (compared to this company's 169) and received an average PPP loan of $196,271 (compared to this company's $1.83M).
Similar Nearby Businesses Who Received PPP Funding:
Williams Transport LLC
Q.t.a. Machining. Inc
Colonial Foam LLC
Elmwood Distribution LLC
Villegas Trucking Inc
John J Dauria
Sobit S. Sarvantov
America's Best Express
Industry PPP Comparison Statistics
Nationwide, 175,867 businesses in the "General Freight Trucking, Local" industry received a total of $6.6B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 4 employees, 98% lower than Speed Motor Express Of WNY., Inc's reported 169 employees, and received an average PPP loan of $37,520, 98% lower than this company's loan of $1.83M.
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Footnotes & Information
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