PPP Loan Data — Hutchins Motors Inc., Augusta, ME
Hutchins Motors Inc. is a subchapter s corporation located at 187 Riverside Drive in Augusta, Maine that received a Coronavirus-related PPP loan from the SBA of $2,622,764.00 in April, 2020.
$ PPP Loan Information
Lender:BANGOR SAVINGS BANK
Hutchins Motors Inc. in Augusta, ME received a Paycheck Protection Loan of $2.62M through BANGOR SAVINGS BANK, which was approved in April, 2020.
Based on standard PPP eligibility rules, Hutchins Motors Inc.'s total 2019 payroll expenses were approximately $12.59M in order to qualify for the PPP loan amount received.
Based on their reported 232 jobs retained, this equals an estimated average yearly compensation of $54,264 per employee1.
Business Information - Hutchins Motors Inc. in Augusta, ME
187 Riverside Drive
Augusta, ME 4330
New Car Dealers (NAICS code 441110)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: ME-01
Similar Companies near Augusta
In the Augusta area, 6 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 86 employees (compared to this company's 232) and received an average PPP loan of $1,085,046 (compared to this company's $2.62M).
Similar Nearby Businesses Who Received PPP Funding:
Cens Auto Group Inc
Charlies Motor Mall, Inc.
Precision Motors Inc
Hutchins Imports, Inc
Shuman Motors, Inc.
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, 80% lower than Hutchins Motors Inc.'s reported 232 employees, and received an average PPP loan of $656,005, 75% lower than this company's loan of $2.62M.
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, 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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