PPP Loan Data — GL Ankeny Ford, LLC, Ankeny, IA
GL Ankeny Ford, LLC is a limited liability company (LLC) located at 3055 Se Delaware Ave 0.0 in Ankeny, Iowa that received a Coronavirus-related PPP loan from the SBA of $1,800,927.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:JPMorgan Chase Bank, National Association
GL Ankeny Ford, LLC in Ankeny, IA received a Paycheck Protection Loan of $1.8M through JPMorgan Chase Bank, National Association, 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, GL Ankeny Ford, LLC's 2019 payroll expenses are estimated to be at least $8.64M.
Based on their reported 129 jobs retained, this equals an estimated average yearly compensation of $67,011 per employee1
Reported PPP Proceed Usage:
On the PPP application, GL Ankeny Ford, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,260,650
- Utilities: $90,046
- Rent: $360,185
- Health Care: $90,046
Business Information - GL Ankeny Ford, LLC in Ankeny, IA
3055 Se Delaware Ave 0.0
Ankeny, IA 50021
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 Ankeny
In the Ankeny area, 4 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 177 employees (compared to this company's 129) and received an average PPP loan of $2,121,675 (compared to this company's $1.8M).
Similar Nearby Businesses Who Received PPP Funding:
Deter Motor Co
Karl Chevrolet Inc
GL Ankeny, LLC
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, 60% lower than GL Ankeny Ford, LLC's reported 129 employees, and received an average PPP loan of $618,860, 66% lower than this company's loan of $1.8M.
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Footnotes & Information
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