PPP Loan Data — Fullerton Ford, Somerville, NJ
Fullerton Ford is a corporation located at 1044 Us Hwy 22 in Somerville, New Jersey that received a Coronavirus-related PPP loan from the SBA of $1,830,166.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Fulton Bank, National Association
Fullerton Ford in Somerville, NJ received a Paycheck Protection Loan of $1.83M through Fulton Bank, National Association, which was approved in April, 2020.
This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in April, 2021.
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, Fullerton Ford's 2019 payroll expenses are estimated to be at least $8.78M.
Based on their reported 123 jobs retained, this equals an estimated average yearly compensation of $71,421 per employee1
Reported PPP Proceed Usage:
On the PPP application, Fullerton Ford reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,372,624
- Utilities: $228,771
- Health Care: $228,771
Business Information - Fullerton Ford in Somerville, NJ
1044 Us Hwy 22
Somerville, NJ 8876
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 Somerville
In the Somerville area, 6 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 54 employees (compared to this company's 123) and received an average PPP loan of $768,203 (compared to this company's $1.83M).
Similar Nearby Businesses Who Received PPP Funding:
Colonial Motors Inc
DML Motors Inc
Fullerton Automotive Corp
Difiore Automotive LLC
Eagle Equipment, 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, 58% lower than Fullerton Ford's reported 123 employees, and received an average PPP loan of $618,860, 66% lower than this company's loan of $1.83M.
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Footnotes & Information
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