PPP Loan Data — Fury Motors, Inc, Saint Paul, MN
Fury Motors, Inc
Entity: Subchapter S Corporation
Franchise: Chrysler - Sales and Service Agreement
Location: Saint Paul, MNTweet This • Search All PPP Data
Fury Motors, Inc is a subchapter s corporation located at 1000 Concordia Ave in Saint Paul, Minnesota that received a Coronavirus-related PPP loan from the SBA of $1,702,814.00 in April, 2020. This business is a Chrysler - Sales and Service Agreement franchise.
The company has reported itself as a male owned business, and employed at least 153 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Tradition Capital Bank
Fury Motors, Inc in Saint Paul, MN received a Paycheck Protection Loan of $1.7M through Tradition Capital 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
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, Fury Motors, Inc's 2019 payroll expenses are estimated to be at least $8.17M.
Based on their reported 153 jobs retained, this equals an estimated average yearly compensation of $53,422 per employee1
Reported PPP Proceed Usage:
On the PPP application, Fury Motors, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,277,111
- Utilities: $85,140
- Rent: $340,563
Business Information - Fury Motors, Inc in Saint Paul, MN
1000 Concordia Ave
Saint Paul, MN 55104
Motorcycle, ATV, and All Other Motor Vehicle Dealers
NAICS code 441228
Business Owner Demographics
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 7,566 businesses in the "Motorcycle, ATV, and All Other Motor Vehicle Dealers" industry received a total of $1.08B 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 14 employees, 91% lower than Fury Motors, Inc's reported 153 employees, and received an average PPP loan of $142,979, 92% lower than this company's loan of $1.7M.
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Footnotes & Information
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