PPP Loan Data — Young's Truck Center, Charlotte, NC
Young's Truck Center
Entity: Subchapter S Corporation
Location: Charlotte, NCTweet This • Search All PPP Data
Young's Truck Center is a subchapter s corporation located at 3880 Jeff Adams Drive in Charlotte, North Carolina that received a Coronavirus-related PPP loan from the SBA of $2,137,700.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:First-Citizens Bank & Trust Company
Young's Truck Center in Charlotte, NC received a Paycheck Protection Loan of $2.14M through First-Citizens Bank & Trust Company, 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 June, 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, Young's Truck Center's 2019 payroll expenses are estimated to be at least $10.26M.
Based on their reported 160 jobs retained, this equals an estimated average yearly compensation of $64,131 per employee1
Reported PPP Proceed Usage:
On the PPP application, Young's Truck Center reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,137,700
Business Information - Young's Truck Center in Charlotte, NC
3880 Jeff Adams Drive
Charlotte, NC 28206
Automobile and Other Motor Vehicle Merchant Wholesalers
NAICS code 423110
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Charlotte
In the Charlotte area, 6 businesses in the "Automobile and Other Motor Vehicle Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 65 employees (compared to this company's 160) and received an average PPP loan of $800,876 (compared to this company's $2.14M).
Similar Nearby Businesses Who Received PPP Funding:
Young's Truck Center Inc
East Coast Trailer & Equipment
Industry PPP Comparison Statistics
Nationwide, 10,057 businesses in the "Automobile and Other Motor Vehicle Merchant Wholesalers" industry received a total of $989.93M 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 9 employees, 94% lower than Young's Truck Center's reported 160 employees, and received an average PPP loan of $98,432, 95% lower than this company's loan of $2.14M.
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Footnotes & Information
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