PPP Loan Data — TAG Automotive Inc, Garner, NC
TAG Automotive Inc is a corporation located at 11048 Cleveland Road Ste 104 in Garner, North Carolina that received a Coronavirus-related PPP loan from the SBA of $25,400.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:United Community Bank
TAG Automotive Inc in Garner, NC received a Paycheck Protection Loan of $25,400 through United Community 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 January, 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, TAG Automotive Inc's 2019 payroll expenses are estimated to be at least $121,920.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $40,640 per employee1
Reported PPP Proceed Usage:
On the PPP application, TAG Automotive Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,400
Business Information - TAG Automotive Inc in Garner, NC
11048 Cleveland Road Ste 104
Garner, NC 27529
Automotive Oil Change and Lubrication Shops
NAICS code 811191
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, 4,328 businesses in the "Automotive Oil Change and Lubrication Shops" industry received a total of $297.26M 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 10 employees, 233% higher than TAG Automotive Inc's reported 3 employees, and received an average PPP loan of $68,683, 170% higher than this company's loan of $25,400.
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Footnotes & Information
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