PPP Loan Data — International Cars LTD Inc, Danvers, MA
International Cars LTD Inc is a corporation located at 382 Newbury St in Danvers, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $4,299,540.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least 283 people during the applicable loan loan period.
$ PPP Loan Information
Lender:THE HUNTINGTON NATIONAL BANK
International Cars LTD Inc received a Paycheck Protection Loan of $4.3M through THE HUNTINGTON NATIONAL BANK, which was approved in April, 2020.
Based on standard PPP eligibility rules, International Cars LTD Inc's total 2019 payroll expenses were approximately $20.64M in order to qualify for the PPP loan amount received.
Based on their reported 283 jobs retained, this equals an estimated average yearly compensation of $72,925 per employee1.
Business Information - International Cars LTD Inc in Danvers, MA
382 Newbury St
Danvers, MA 1923
New Car Dealers (NAICS code 441110)
Business Owner Demographics
Race / Ethnicity: WHITE
Gender: MALE OWNED
Veteran Status: NON-VETERANCongressional District: MA-06
Similar Companies near Danvers
In the Danvers area, 7 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 140 employees (compared to this company's 283) and received an average PPP loan of $1,994,583 (compared to this company's $4.3M).
Similar Nearby Businesses Who Received PPP Funding:
Village Motors North, Inc.
Herb Chambers Andover Street Inc
Kelly Automotive Group Inc
North Shore Auto LLC
Moore Gmc Truck Inc
Herb Chambers I-95, 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, 83% lower than International Cars LTD Inc's reported 283 employees, and received an average PPP loan of $656,005, 85% lower than this company's loan of $4.3M.
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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