Automotive Equipment Rental and Leasing

Businesses and organizations in the Automotive Equipment Rental and Leasing industry (NAICS code 5321, part of the Real Estate and Rental and Leasing sector) received 11,609 PPP loans totaling $619.9M during the COVID-19 pandemic.

The average loan for this industry was $53,395 — below the national PPP average of approximately $67,000. This reflects the small business character of most participants in this industry, typically sole proprietors and micro-businesses with modest payroll obligations.

84.8% of loans in this industry were forgiven — totaling $564.1M. To qualify for forgiveness, borrowers had to demonstrate that they maintained headcount and compensation levels and used at least 60% of loan proceeds for payroll expenses.

Notable recipients in this industry include M & K EMPLOYEE SERVICES, INC. of BYRON CENTER, MI ($9,980,253); EROPCAR MOBILITY GROUP of LOS ANGELES, CA ($9,500,000); and TURO INC. of SAN FRANCISCO, CA ($6,572,900).

The loan amount distribution for this industry shows a more even spread across loan sizes, suggesting a mix of small and mid-sized businesses. Because borrower names are withheld for loans under $150,000, a substantial portion of recipients in this industry may not appear by name in this dataset.

As part of the broader Real Estate and Rental and Leasing sector — lessors of real estate and rental and leasing of tangible and intangible assets. — businesses in NAICS 5321 were particularly reliant on PPP assistance to bridge the gap between declining revenues and fixed overhead obligations during the shutdown period.