PPP Loan Data — Charlies Motor Mall, Inc, Augusta, ME
Charlies Motor Mall, Inc is a subchapter s corporation located at 465 Western Ave in Augusta, Maine that received a Coronavirus-related PPP loan from the SBA of $2,190,900.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:KeyBank National Association
Charlies Motor Mall, Inc in Augusta, ME received a Paycheck Protection Loan of $2.19M through KeyBank National Association, which was approved in April, 2020.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.
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, Charlies Motor Mall, Inc's 2019 payroll expenses are estimated to be at least $10.52M.
Based on their reported 150 jobs retained, this equals an estimated average yearly compensation of $70,109 per employee1
Reported PPP Proceed Usage:
On the PPP application, Charlies Motor Mall, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,190,900
Business Information - Charlies Motor Mall, Inc in Augusta, ME
465 Western Ave
Augusta, ME 4330
New Car Dealers
NAICS code 441110
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Augusta
In the Augusta area, 6 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 86 employees (compared to this company's 150) and received an average PPP loan of $1,085,046 (compared to this company's $2.19M).
Similar Nearby Businesses Who Received PPP Funding:
Precision Motors Inc
Hutchins Imports, Inc
Hutchins Motors Inc
Shuman Motors, Inc
Cens Auto Group Inc
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, 65% lower than Charlies Motor Mall, Inc's reported 150 employees, and received an average PPP loan of $618,860, 72% lower than this company's loan of $2.19M.
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Footnotes & Information
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