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PPP Loan Data — Auto Giants Of Manassas Inc DBA, Manassas, VA

SBA PPP loan data, payroll data, and salaries for Auto Giants Of Manassas Inc DBA

FRANCHISE

VA

Auto Giants Of Manassas Inc DBA

Entity: Subchapter S Corporation

Industry: New Car Dealers

Franchise: Mitsubishi Motors Dealer Agreement

Location: Manassas, VA

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Auto Giants Of Manassas Inc DBA is a subchapter s corporation located at 9075 Euclid Ave in Manassas, Virginia that received a Coronavirus-related PPP loan from the SBA of $281,632.00 in June, 2021. This business is a Mitsubishi Motors Dealer Agreement franchise.

$ PPP Loan Information
Loan #1167979100

Loan Size:

$281,632

Jobs Retained:

91

Loan Approved:

2021-06-29

Loan Status:

Active Un-Disbursed

Lender:

TD Bank, National Association
PPP Funds Undisbursed

Auto Giants Of Manassas Inc DBA in Manassas, VA received a Paycheck Protection Loan of $281,632 through TD Bank, National Association, which was approved in June, 2021.

While this loan has been approved by the Small Business Administration, the lender has not reported to the SBA that the loan funds were disbursed to the borrower. According to SBA records, a total of $281,632 in approved PPP funding has not been disbursed. 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

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

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, Auto Giants Of Manassas Inc DBA's 2019 payroll expenses are estimated to be at least $1.35M.

Based on their reported 91 jobs retained, this equals an estimated average yearly compensation of $14,855 per employee1

Reported PPP Proceed Usage:

On the PPP application, Auto Giants Of Manassas Inc DBA reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $281,627
  • Utilities: $1

Business Information - Auto Giants Of Manassas Inc DBA in Manassas, VA

Auto Giants Of Manassas Inc DBA
9075 Euclid Ave
Manassas, VA 20110

Business Industry:
New Car Dealers
NAICS code 441110

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Manassas City County, VA — SBA Office 0304 — Congressional District: VA-10

Similar Companies near Manassas

In the Manassas area, 12 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 64 employees (compared to this company's 91) and received an average PPP loan of $758,025 (compared to this company's $281,632).

Industry PPP Comparison Statistics

Nationwide, 19,896 businesses in the "New Car Dealers" industry received a total of $12.31B 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 52 employees, 43% lower than Auto Giants Of Manassas Inc DBA's reported 91 employees, and received an average PPP loan of $618,860, 120% higher than this company's loan of $281,632.

FederalPay's PPP Information Policy

Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.

All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.

Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.

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Footnotes & Information

1. Estimations for informational purposes only. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.

2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.


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Source: www.federalpay.org/paycheck-protection-program/auto-giants-of-manassas-inc-dba-manassas-va