PPP Loan Data — Gettel Automotive Inc, Bradenton, FL
Gettel Automotive Inc is a corporation located at 6323 14th St W in Bradenton, Florida that received a Coronavirus-related PPP loan from the SBA of $2,046,584.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Truist Bank d/b/a Branch Banking & Trust Co
Gettel Automotive Inc in Bradenton, FL received a Paycheck Protection Loan of $2.05M through Truist Bank d/b/a Branch Banking & Trust Co, 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, Gettel Automotive Inc's 2019 payroll expenses are estimated to be at least $9.82M.
Based on their reported 166 jobs retained, this equals an estimated average yearly compensation of $59,178 per employee1
Reported PPP Proceed Usage:
On the PPP application, Gettel Automotive Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,046,584
Business Information - Gettel Automotive Inc in Bradenton, FL
6323 14th St W
Bradenton, FL 34207
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 Bradenton
In the Bradenton area, 17 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 81 employees (compared to this company's 166) and received an average PPP loan of $1,007,937 (compared to this company's $2.05M).
Similar Nearby Businesses Who Received PPP Funding:
Tropical Cadillac, Inc
Firkins Acquisitions, Inc
Gettel Motorsports Inc
Alex Karras Lincoln Inc
Garber Bradenton Inc
COX Automotive LLC
JG 64, LLC
COX Chevrolet Incorporated
Gettel Imports 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, 69% lower than Gettel Automotive Inc's reported 166 employees, and received an average PPP loan of $618,860, 70% lower than this company's loan of $2.05M.
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Footnotes & Information
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