PPP Loan Data — Herb Chambers Route 1 Inc, Sharon, MA
Herb Chambers Route 1 Inc is a subchapter s corporation located at 25 Providence Hwy in Sharon, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $2,502,437.00 in April, 2020.
$ PPP Loan Information
Lender:BANK OF AMERICA, NATIONAL ASSOCIATION
Herb Chambers Route 1 Inc received a Paycheck Protection Loan of $2.5M through BANK OF AMERICA, NATIONAL ASSOCIATION, which was approved in April, 2020.
Based on standard PPP eligibility rules, Herb Chambers Route 1 Inc's total 2019 payroll expenses were approximately $12.01M in order to qualify for the PPP loan amount received.
Based on their reported 205 jobs retained, this equals an estimated average yearly compensation of $58,594 per employee1.
Business Information - Herb Chambers Route 1 Inc in Sharon, MA
25 Providence Hwy
Sharon, MA 2067
New Car Dealers (NAICS code 441110)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: MA-04
Similar Companies near Sharon
In the Sharon area, 2 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 103 employees (compared to this company's 205) and received an average PPP loan of $1,251,590 (compared to this company's $2.5M).
Similar Nearby Businesses Who Received PPP Funding:
Michael Nisbet Investments
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, 77% lower than Herb Chambers Route 1 Inc's reported 205 employees, and received an average PPP loan of $656,005, 74% lower than this company's loan of $2.5M.
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.
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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