PPP Loan Data — Visual Perfection And Towing, Inc, Memphis, TN
Visual Perfection And Towing, Inc is a subchapter s corporation located at 5194 Elmore Rd. in Memphis, Tennessee that received a Coronavirus-related PPP loan from the SBA of $25,495.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Bank of Bartlett
Visual Perfection And Towing, Inc in Memphis, TN received a Paycheck Protection Loan of $25,495 through Bank of Bartlett, 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, Visual Perfection And Towing, Inc's 2019 payroll expenses are estimated to be at least $122,376.
Based on their reported 6 jobs retained, this equals an estimated average yearly compensation of $20,396 per employee1
Reported PPP Proceed Usage:
On the PPP application, Visual Perfection And Towing, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,495
Business Information - Visual Perfection And Towing, Inc in Memphis, TN
5194 Elmore Rd.
Memphis, TN 38134
Motor Vehicle Towing
NAICS code 488410
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Memphis
In the Memphis area, 14 businesses in the "Motor Vehicle Towing" industry received a PPP loan. These local businesses reported an average of 5 employees (compared to this company's 6) and received an average PPP loan of $35,938 (compared to this company's $25,495).
Similar Nearby Businesses Who Received PPP Funding:
East Memphis Wrecker LLC
Blues City Towing LLC
Industry PPP Comparison Statistics
Nationwide, 17,547 businesses in the "Motor Vehicle Towing" industry received a total of $912.17M 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 6 employees, the same amount reported by Visual Perfection And Towing, Inc and received an average PPP loan of $51,984, 104% higher than this company's loan of $25,495.
FederalPay's PPP Information Policy
Footnotes & Information
Have FederalPay.org's open data tools been valuable? Consider donating!