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January 03, 2021 03:22 PM

2020 Review: PPP loans give boost to small businesses

David Manley
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    The aim of the Paycheck Protection Program (PPP) was to save jobs and give small businesses a boost during an unprecedented time that saw demand for many products — including tires — drop with a thud.

    The Small Business Administration (SBA) provided businesses with up to 500 employees PPP loans that were fully forgiven if used for payroll, interest on mortgages, rent and utilities.

    In total, $521 billion in PPP loans were given out to businesses as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act. Included in that total was at least $1 billion in emergency small-business loans to more than 21,000 tire- and auto-service-related companies in response to the economic hardships of the COVID-19 pandemic.

    Tire Business' analysis of data in six industry segments — tire manufacturers, retreaders, dealers, wholesalers, automotive repair and oil/lube shops — showed 21,217 companies received loans totaling between $1 billion and $2.2 billion. The federal information shows only a range, not a specific loan amount, for each company.

    Tire dealers received the most funds among the categories tracked, with 5,765 companies classified as tire dealers receiving between $599 million and slightly more than $1 billion. The average for each business was between $103,850 and $186,643.

    In this category, seven companies were shown in the maximum loan range of $5 million to $10 million: ATV Inc. (d.b.a. American Tire Depot) of Vernon, Calif.; Earl W. Colvard Inc. of Deland, Fla.; Commercial Tire Inc. of Meridian, Idaho; S&S Firestone Inc. of Lexington, Ky.; VIP Inc. of Auburn, Maine; Plaza Tire Service Inc. of Cape Girardeau, Mo.; and T&W Tire L.L.C. of Oklahoma City.

    McCarthy Tire Service Inc. of Wilkes-Barre, Pa., is shown as having received five separate loans totaling at least $8 million and as much as $19 million.

    Thirty-four companies received loans of between $2 million and $5 million, and 48 got $1 million to $2 million.

    A second round of PPP loan funding, $285 million, was made available in late December 2020 to be doled out through March 31.

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    Do you have an opinion about this story? Do you have some thoughts you'd like to share with our readers? Tire Business would love to hear from you. Email your letter to Editor Don Detore at [email protected].

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    • Global Tire Report
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      • MERGERS & ACQUISITIONS
      • OPINION
      • SERVICE ZONE
      • BEST PLACES TO WORK
      • OBITUARIES
    • HUMANITARIAN
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