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PPP Loan Data — Herb Gordon Auto Group, Inc., Silver Spring, MD

SBA PPP loan data, payroll data, and salaries for Herb Gordon Auto Group, Inc.
MD

Herb Gordon Auto Group, Inc.

Entity: Subchapter S Corporation

Industry: New Car Dealers

Location: Silver Spring, MD

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Herb Gordon Auto Group, Inc. is a subchapter s corporation located at 3301 Briggs Chaney Road in Silver Spring, Maryland that received a Coronavirus-related PPP loan from the SBA of $3,981,600.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$3.98M

Jobs Retained:

308

Loan Approved:

2020-04-15

Lender:

MANUFACTURERS AND TRADERS TRUST COMPANY

Herb Gordon Auto Group, Inc. received a Paycheck Protection Loan of $3.98M through MANUFACTURERS AND TRADERS TRUST COMPANY, which was approved in April, 2020.

Based on standard PPP eligibility rules, Herb Gordon Auto Group, Inc.'s total 2019 payroll expenses were approximately $19.11M in order to qualify for the PPP loan amount received.

Based on their reported 308 jobs retained, this equals an estimated average yearly compensation of $62,051 per employee1.

Because the loan received by Herb Gordon Auto Group, Inc. is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Herb Gordon Auto Group, Inc. in Silver Spring, MD

Herb Gordon Auto Group, Inc.
3301 Briggs Chaney Road
Silver Spring, MD 20904

Business Industry

New Car Dealers (NAICS code 441110)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: MD-03

Similar Companies near Silver Spring

In the Silver Spring area, 9 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 144 employees (compared to this company's 308) and received an average PPP loan of $1,961,099 (compared to this company's $3.98M).

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, 85% lower than Herb Gordon Auto Group, Inc.'s reported 308 employees, and received an average PPP loan of $656,005, 84% lower than this company's loan of $3.98M.

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.

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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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/herb-gordon-auto-group-inc-silver-spring-md