PPP Loan Data — Watsons Auto Sales Warren County Inc, Mcminnville, TN
Watsons Auto Sales Warren County Inc is a corporation located at 2279 Smithville Hwy in Mcminnville, Tennessee that received a Coronavirus-related PPP loan from the SBA of $25,343.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:First Volunteer Bank
Watsons Auto Sales Warren County Inc in Mcminnville, TN received a Paycheck Protection Loan of $25,343 through First Volunteer 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 March, 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, Watsons Auto Sales Warren County Inc's 2019 payroll expenses are estimated to be at least $121,646.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $40,549 per employee1
Reported PPP Proceed Usage:
On the PPP application, Watsons Auto Sales Warren County Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,343
Business Information - Watsons Auto Sales Warren County Inc in Mcminnville, TN
2279 Smithville Hwy
Mcminnville, TN 37110
Used Car Dealers
NAICS code 441120
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Rural
Similar Companies near Mcminnville
In the Mcminnville area, 4 businesses in the "Used Car Dealers" industry received a PPP loan. These local businesses reported an average of 7 employees (compared to this company's 3) and received an average PPP loan of $34,675 (compared to this company's $25,343).
Similar Nearby Businesses Who Received PPP Funding:
Ochoa Auto Sales LLC
Timothy C Floyd
Express Motors, Inc
Industry PPP Comparison Statistics
Nationwide, 40,336 businesses in the "Used Car Dealers" industry received a total of $2.19B 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, 100% higher than Watsons Auto Sales Warren County Inc's reported 3 employees, and received an average PPP loan of $54,194, 114% higher than this company's loan of $25,343.
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Footnotes & Information
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