PPP Loan Data — Stem Automotive Inc, Clarence, NY
Stem Automotive Inc is a corporation located in Clarence, New York that received a Coronavirus-related PPP loan from the SBA of $7,023.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Stem Automotive Inc in Clarence, NY received a Paycheck Protection Loan of $7,023 through Northwest Bank, which was approved in April, 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 April, 2021.
Reported PPP Proceed Usage:
On the PPP application, Stem Automotive Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $7,023
Business Information - Stem Automotive Inc in Clarence, NY
* Full address is redacted to protect the privacy of individuals.
General Automotive Repair
NAICS code 811111
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Clarence
In the Clarence area, 10 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 1) and received an average PPP loan of $25,543 (compared to this company's $7,023).
Similar Nearby Businesses Who Received PPP Funding:
Clarence Center, NY
SS Diesel & Auto LLC
Miranda Auto Inc
Tom's Rt 16 Auto Service Inc
Kless Boys Full Service, LLC
John G. Grainy Jr. DBA Grainy's Automotive
L.m. Morehouse Enterprises Inc
SS Diesel & Auto
Industry PPP Comparison Statistics
Nationwide, 93,576 businesses in the "General Automotive Repair" industry received a total of $3.91B 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, 400% higher than Stem Automotive Inc's reported 1 employees, and received an average PPP loan of $41,799, 495% higher than this company's loan of $7,023.
FederalPay's PPP Information Policy
Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.
All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.
Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.
Footnotes & Information
1. Estimations for informational purposes only. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.
2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.
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