PPP Loan Data — Jim Riehl's Fiendly Chrsyler Jeep, Inc, Warren, MI
Jim Riehl's Fiendly Chrsyler Jeep, Inc is a corporation located at 32899 Van Dyke in Warren, Michigan that received a Coronavirus-related PPP loan from the SBA of $1,562,700.00 in April, 2020. This business is a Chrysler - Sales and Service Agreement franchise.
The company has reported itself as a White male owned business, and employed at least 115 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:The Huntington National Bank
Jim Riehl's Fiendly Chrsyler Jeep, Inc in Warren, MI received a Paycheck Protection Loan of $1.56M through The Huntington National Bank, 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 February, 2021.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
Understanding Payroll Estimates Based On PPP Amount
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, Jim Riehl's Fiendly Chrsyler Jeep, Inc's 2019 payroll expenses are estimated to be at least $7.5M.
Based on their reported 115 jobs retained, this equals an estimated average yearly compensation of $65,226 per employee1
Reported PPP Proceed Usage:
On the PPP application, Jim Riehl's Fiendly Chrsyler Jeep, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,562,700
Business Information - Jim Riehl's Fiendly Chrsyler Jeep, Inc in Warren, MI
32899 Van Dyke
Warren, MI 48093
New Car Dealers
NAICS code 441110
Business Owner Demographics
Gender: Male Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Warren
In the Warren area, 12 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 57 employees (compared to this company's 115) and received an average PPP loan of $726,881 (compared to this company's $1.56M).
Similar Nearby Businesses Who Received PPP Funding:
Golling Warren, Inc
Jim Riehl's Friendly Chrysler Jeep Inc
M53 Auto Sales
Prestige Cadillac Inc
M53 Auto Sales Inc
Ron Sangster Inc
Van Dyke Dodge Inc
Industry PPP Comparison Statistics
Nationwide, 19,896 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, 55% lower than Jim Riehl's Fiendly Chrsyler Jeep, Inc's reported 115 employees, and received an average PPP loan of $618,860, 60% lower than this company's loan of $1.56M.
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Footnotes & Information
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