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PPP Loan Data — Cornerstone Auto Group LLC, Elk River, MN

SBA PPP loan data, payroll data, and salaries for Cornerstone Auto Group LLC
MN

Cornerstone Auto Group LLC

Entity: Limited Liability Company (LLC)

Industry: New Car Dealers

Location: Elk River, MN

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Cornerstone Auto Group LLC is a limited liability company (LLC) located at 17219 Highway 10 in Elk River, Minnesota that received a Coronavirus-related PPP loan from the SBA of $3,384,507.00 in April, 2020.

The company has reported itself as a male owned business.

$ PPP Loan Information

Loan Size:

$3.38M

Jobs Retained:

0 Unreported

Loan Approved:

2020-04-13

Lender:

ALLY BANK

Cornerstone Auto Group LLC received a Paycheck Protection Loan of $3.38M through ALLY BANK, which was approved in April, 2020.

Based on standard PPP eligibility rules, Cornerstone Auto Group LLC's total 2019 payroll expenses were approximately $16.25M in order to qualify for the PPP loan amount received.

Unlike most businesses, Cornerstone Auto Group LLC's PPP data does not report the number of jobs retained by their receipt of the Paycheck Protection Loan (some banks did not release this infomation from their loan applications). Without this data, per-employee payrolls for this company cannot be estimated.

Because the loan received by Cornerstone Auto Group LLC is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Cornerstone Auto Group LLC in Elk River, MN

Cornerstone Auto Group LLC
17219 Highway 10
Elk River, MN 55330

Business Industry

New Car Dealers (NAICS code 441110)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: MALE OWNED

Veteran Status: NON-VETERAN

Congressional District: MN-06

Industry PPP Comparison Statistics

Nationwide, 16,570 businesses in the "New Car Dealers" industry received a total of $10,869,996,969.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 2% of the total PPP funding allocated.

PPP recipients in this industry report an average of 47 employees, and received an average PPP loan of $656,005, 81% lower than this company's loan of $3.38M.

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.

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Footnotes & Information

1. 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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/cornerstone-auto-group-llc-elk-river-mn