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PPP Loan Data — Fitzgerald Lakeforest Motors Inc, Gaithersburg, MD

SBA PPP loan data, payroll data, and salaries for Fitzgerald Lakeforest Motors Inc
MD

Fitzgerald Lakeforest Motors Inc

Entity: Corporation

Industry: New Car Dealers

Location: Gaithersburg, MD

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Fitzgerald Lakeforest Motors Inc is a corporation located at 907 N Frederick Ave in Gaithersburg, Maryland that received a Coronavirus-related PPP loan from the SBA of $2,835,958.00 in April, 2020.

The company has reported itself as a male owned business, and employed at least 270 people during the applicable loan loan period.

$ PPP Loan Information
Loan #2671767108

Loan Size:

$2.84M

Jobs Retained:

270

Loan Approved:

2020-04-11

Loan Status:

Ongoing Loan

Lender:

Toyota Financial Savings Bank

Fitzgerald Lakeforest Motors Inc in Gaithersburg, MD received a Paycheck Protection Loan of $2.84M through Toyota Financial Savings Bank, 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

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, Fitzgerald Lakeforest Motors Inc's 2019 payroll expenses are estimated to be at least $13.61M.

Based on their reported 270 jobs retained, this equals an estimated average yearly compensation of $50,417 per employee1

Reported PPP Proceed Usage:

On the PPP application, Fitzgerald Lakeforest Motors Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $2,835,958
Because the loan received by Fitzgerald Lakeforest Motors Inc 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 - Fitzgerald Lakeforest Motors Inc in Gaithersburg, MD

Fitzgerald Lakeforest Motors Inc
907 N Frederick Ave
Gaithersburg, MD 20879

Business Industry:
New Car Dealers
NAICS code 441110

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Male Owned

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: N

Rural / Urban: Urban

Montgomery County, MD — SBA Office 0353 — Congressional District: MD-06

Similar Companies near Gaithersburg

In the Gaithersburg area, 10 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 111 employees (compared to this company's 270) and received an average PPP loan of $1,342,507 (compared to this company's $2.84M).

Industry PPP Comparison Statistics

Nationwide, 19,281 businesses in the "New Car Dealers" industry received a total of $12.12B 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 53 employees, 80% lower than Fitzgerald Lakeforest Motors Inc's reported 270 employees, and received an average PPP loan of $628,429, 78% lower than this company's loan of $2.84M.

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/fitzgerald-lakeforest-motors-inc-gaithersburg-md