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PPP Loan Data — Florida Mag Enterprises Inc.,
Delray Beach, FL
Florida Mag Enterprises Inc.
Entity: Subchapter S Corporation
Industry: New Car Dealers
Location: Delray Beach, FL
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Florida Mag Enterprises Inc. is a subchapter s corporation located at 2001 S Federal Hwy in Delray Beach, Florida that received a Coronavirus-related PPP loan from the SBA of $754,200.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least 75 people during the applicable loan loan period.
$ PPP Loan Information
Loan Size:
Jobs Retained:
75Loan Approved:
2020-04-27Lender:
MECHANICS COOPERATIVE BANKFlorida Mag Enterprises Inc. received a Paycheck Protection Loan of $754,200 through MECHANICS COOPERATIVE BANK, which was approved in April, 2020.
Based on standard PPP eligibility rules, Florida Mag Enterprises Inc.'s total 2019 payroll expenses were approximately $3.62M in order to qualify for the PPP loan amount received.
Based on their reported 75 jobs retained, this equals an estimated average yearly compensation of $48,269 per employee1.
Business Information - Florida Mag Enterprises Inc. in Delray Beach, FL
2001 S Federal Hwy
Delray Beach, FL 33483
Business Industry
New Car Dealers (NAICS code 441110)
Business Owner Demographics
Race / Ethnicity: WHITE
Gender: MALE OWNED
Veteran Status: Unreported
Congressional District: FL-21Similar Companies near Delray Beach
In the Delray Beach area, 11 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 105 employees (compared to this company's 75) and received an average PPP loan of $1,824,908 (compared to this company's $754,200).
Similar Nearby Businesses Who Received PPP Funding:
H Greg Nissan Delray, LLC
Delray Beach, FL
Gunther Motor Company New Ventures, LLC
Delray Beach, FL
Schumacher Automotive Delray, LLC
Delray Beach, FL
Grieco Chevrolet Delray LLC
Delray Beach, FL
Myers Auto Group DK, LLC
Delray Beach, FL
Morse Operations Inc.
Delray Beach, FL
J G O'Neill Inc
Delray Beach, FL
Garber Delray, Inc
Delray Beach, FL
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, 37% lower than Florida Mag Enterprises Inc.'s reported 75 employees, and received an average PPP loan of $656,005, 13% lower than this company's loan of $754,200.
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.
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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