PPP Loan Data — Dick Devoe Buick Cadillac, Naples, FL
Dick Devoe Buick Cadillac is a corporation located at 4100 Tamiami Trail N in Naples, Florida that received a Coronavirus-related PPP loan from the SBA of $2,065,947.00 in April, 2020. This business is a General Motors, LLC (Chevrolet, Buick, GM, Cadillac) Dealer Sales and Service Agreement franchise.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:First Florida Integrity Bank
Dick Devoe Buick Cadillac in Naples, FL received a Paycheck Protection Loan of $2.07M through First Florida Integrity Bank, which was approved in April, 2020.
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, Dick Devoe Buick Cadillac's 2019 payroll expenses are estimated to be at least $9.92M.
Based on their reported 164 jobs retained, this equals an estimated average yearly compensation of $60,467 per employee1
Reported PPP Proceed Usage:
On the PPP application, Dick Devoe Buick Cadillac reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,652,759
- Utilities: $213,188
- Rent: $150,000
- Health Care: $50,000
Business Information - Dick Devoe Buick Cadillac in Naples, FL
4100 Tamiami Trail N
Naples, FL 34103
New Car Dealers
NAICS code 441110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Naples
In the Naples area, 5 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 107 employees (compared to this company's 164) and received an average PPP loan of $1,269,328 (compared to this company's $2.07M).
Similar Nearby Businesses Who Received PPP Funding:
Better Body Shop & Used Car Factory Inc, The
Suncoast Auto Group LLC
Benz Connection Of Naples
Tamiami Ford, 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, 68% lower than Dick Devoe Buick Cadillac's reported 164 employees, and received an average PPP loan of $618,860, 70% lower than this company's loan of $2.07M.
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Footnotes & Information
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