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PPP Loan Data — Herrin Gear Chevrolet Co Inc, Jackson, MS

SBA PPP loan data, payroll data, and salaries for Herrin Gear Chevrolet Co Inc
MS

Herrin Gear Chevrolet Co Inc

Entity: Corporation

Industry: New Car Dealers

Location: Jackson, MS

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Herrin Gear Chevrolet Co Inc is a corporation located at 1685 High St in Jackson, Mississippi that received a Coronavirus-related PPP loan from the SBA of $2,435,500.00 in April, 2020.

The company has reported itself as a male owned business, and employed at least 217 people during the applicable loan loan period.

$ PPP Loan Information

Loan Size:

$2.44M

Jobs Retained:

217

Loan Approved:

2020-04-08

Lender:

REGIONS BANK

Herrin Gear Chevrolet Co Inc received a Paycheck Protection Loan of $2.44M through REGIONS BANK, which was approved in April, 2020.

Based on standard PPP eligibility rules, Herrin Gear Chevrolet Co Inc's total 2019 payroll expenses were approximately $11.69M in order to qualify for the PPP loan amount received.

Based on their reported 217 jobs retained, this equals an estimated average yearly compensation of $53,873 per employee1.

Because the loan received by Herrin Gear Chevrolet Co 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 - Herrin Gear Chevrolet Co Inc in Jackson, MS

Herrin Gear Chevrolet Co Inc
1685 High St
Jackson, MS 39202

Business Industry

New Car Dealers (NAICS code 441110)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: MALE OWNED

Veteran Status: NON-VETERAN

Congressional District: MS-03

Similar Companies near Jackson

In the Jackson area, 2 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 109 employees (compared to this company's 217) and received an average PPP loan of $1,223,174 (compared to this company's $2.44M).

Similar Nearby Businesses Who Received PPP Funding:

Osby's Auto Sales, LLC
Columbia, SC

$10,847 PPP Loan

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, 78% lower than Herrin Gear Chevrolet Co Inc's reported 217 employees, and received an average PPP loan of $656,005, 73% lower than this company's loan of $2.44M.

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.

Search FederalPay's Full PPP Loan Database

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/herrin-gear-chevrolet-co-inc-jackson-ms