PPP Loan Data — Tack Automotive, LLC, Hickory, NC
Tack Automotive, LLC is a limited liability company (LLC) located at 435 Highway 70 Se in Hickory, North Carolina that received a Coronavirus-related PPP loan from the SBA of $1,658,217.00 in April, 2020. This business is a Toyota Motors Sales, U.S.A., Inc. - Dealer Agreement franchise.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Toyota Financial Savings Bank
Tack Automotive, LLC in Hickory, NC received a Paycheck Protection Loan of $1.66M through Toyota Financial Savings 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 February, 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, Tack Automotive, LLC's 2019 payroll expenses are estimated to be at least $7.96M.
Based on their reported 121 jobs retained, this equals an estimated average yearly compensation of $65,781 per employee1
Reported PPP Proceed Usage:
On the PPP application, Tack Automotive, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,658,217
Business Information - Tack Automotive, LLC in Hickory, NC
435 Highway 70 Se
Hickory, NC 28602
New Car Dealers
NAICS code 441110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Rural
Similar Companies near Hickory
In the Hickory area, 10 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 68 employees (compared to this company's 121) and received an average PPP loan of $768,333 (compared to this company's $1.66M).
Similar Nearby Businesses Who Received PPP Funding:
Planet Automotive Group Hickory LLC
Paramount Motor Sales LLC
King Suzuki Of Hickory
Everett Chevrolet Inc
Jim Armstrong Subaru Inc
Modern Nissan Of Hickory, LLC
Armstrong Ford Inc
Jami Enterprises Inc
Industry PPP Comparison Statistics
Nationwide, 19,896 businesses in the "New Car Dealers" industry received a total of $12.31B 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 52 employees, 57% lower than Tack Automotive, LLC's reported 121 employees, and received an average PPP loan of $618,860, 63% lower than this company's loan of $1.66M.
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Footnotes & Information
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