Herb Gordon Auto Group, Inc in Silver Spring, MD - SBA PPP Loan Data (Paycheck Protection Program)

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

Herb Gordon Auto Group, Inc

Entity: Subchapter S Corporation

Industry: New Car Dealers

Location: Silver Spring, MD

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 #1536667203

Loan Size:

$3.98M

Jobs Retained:

308

Loan Approved:

2020-04-15

Loan Status:

Paid in Full or Forgiven

Lender:

Manufacturers and Traders Trust Company

Herb Gordon Auto Group, Inc in Silver Spring, MD received a Paycheck Protection Loan of $3.98M through Manufacturers and Traders Trust Company, which was approved in April, 2020.

This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in October, 2021.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

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, Herb Gordon Auto Group, Inc's 2019 payroll expenses are estimated to be at least $19.11M.

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

Reported PPP Proceed Usage:

On the PPP application, Herb Gordon Auto Group, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $2,986,179
Rent: $597,252
Health Care: $398,169

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: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Montgomery County, MD — SBA Office 0353 — Congressional District: MD-03

Similar Companies near Silver Spring

In the Silver Spring area, 10 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 138 employees (compared to this company's 308) and received an average PPP loan of $1,883,029 (compared to this company's $3.98M).

Similar Nearby Businesses Who Received PPP Funding:

Tischer Autopark, Inc
Silver Spring, MD

$3.32M PPP Loan

Sport Chervrolet Company LLC
Silver Spring, MD

$1.43M PPP Loan

Sport Automotive Inc
Silver Spring, MD

$1.18M PPP Loan

Darcars Of Cherry Hill Road, Inc
Silver Spring, MD

$3.24M PPP Loan

Darcars Motors Of Silver Spring, Inc
Silver Spring, MD

$1.32M PPP Loan

Darcars Imports, Inc
Silver Spring, MD

$923,282 PPP Loan

Koons Of Silver Spring, Inc
Silver Spring, MD

$1.74M PPP Loan

James Coleman Automotive Of Silver Spring LLC
Silver Spring, MD

$279,458 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 19,844 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, 83% lower than Herb Gordon Auto Group, Inc's reported 308 employees, and received an average PPP loan of $620,298, 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. FederalPay does not modify the data and makes no claims regarding its accuracy.

Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. Estimations for informational purposes only. 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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