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PPP Loan Data — Kelly Automotive Group Inc,
Danvers, MA
FRANCHISE
MAKelly Automotive Group Inc
Entity: Corporation
Industry: New Car Dealers
Franchise: Infiniti Dealer Sales and Service Agreement
Location: Danvers, MA
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Kelly Automotive Group Inc is a corporation located at 155 Andover St in Danvers, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $1,380,343.00 in March, 2021. This business is a Infiniti Dealer Sales and Service Agreement franchise.
The company has reported itself as a White male owned business, and employed at least 38 people during the applicable loan loan period.
$
PPP Loan Information
Loan #2770358606
Loan Size:
Jobs Retained:
38Loan Approved:
2021-03-15Loan Status:
Ongoing LoanLender:
Bank of America, National AssociationKelly Automotive Group Inc in Danvers, MA received a Paycheck Protection Loan of $1.38M through Bank of America, National Association, which was approved in March, 2021.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.
The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 38 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 66. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
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.
Read MoreUnderstanding 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.
Read MoreBased 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, Kelly Automotive Group Inc's 2019 payroll expenses are estimated to be at least $6.63M (not accounting for salary amounts > $100k).
Because the 38 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Reported PPP Proceed Usage:
On the PPP application, Kelly Automotive Group Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,380,343
Business Information - Kelly Automotive Group Inc in Danvers, MA
155 Andover St
Danvers, MA 1923
Business Industry:
New Car Dealers
NAICS code 441110
Business Owner Demographics
Race: White
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near Danvers
In the Danvers area, 9 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 115 employees (compared to this company's 38) and received an average PPP loan of $1,734,836 (compared to this company's $1.38M).
Similar Nearby Businesses Who Received PPP Funding:
International Cars LTD Inc
Danvers, MA
North Shore Auto LLC
Danvers, MA
Moore Gmc Truck Inc
Danvers, MA
Village Motors North, Inc
Danvers, MA
Herb Chambers Andover Street Inc
Danvers, MA
Herb Chambers I-95, Inc
Danvers, MA
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, 37% higher than Kelly Automotive Group Inc's reported 38 employees, and received an average PPP loan of $620,298, 55% lower than this company's loan of $1.38M.
Kelly Automotive Group Inc
Entity: Corporation
Industry: New Car Dealers
Location: Danvers, MA
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Kelly Automotive Group Inc is a corporation located at 155 Andover St in Danvers, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $6,410,840.00 in May, 2020.
The company has reported itself as a White male owned business, and employed at least 444 people during the applicable loan loan period.
$
PPP Loan Information
Loan #5012407704
Loan Size:
Jobs Retained:
444Loan Approved:
2020-05-01Loan Status:
Ongoing LoanLender:
Bank of America, National AssociationKelly Automotive Group Inc in Danvers, MA received a Paycheck Protection Loan of $6.41M through Bank of America, National Association, which was approved in May, 2020.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.
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.
Read MoreUnderstanding 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.
Read MoreBased 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, Kelly Automotive Group Inc's 2019 payroll expenses are estimated to be at least $30.77M.
Based on their reported 444 jobs retained, this equals an estimated average yearly compensation of $69,306 per employee1
Reported PPP Proceed Usage:
On the PPP application, Kelly Automotive Group Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $6,410,840
Business Information - Kelly Automotive Group Inc in Danvers, MA
155 Andover St
Danvers, MA 1923
Business Industry:
New Car Dealers
NAICS code 441110
Business Owner Demographics
Race: White
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: New Business or 2 years or less
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near Danvers
In the Danvers area, 9 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 115 employees (compared to this company's 444) and received an average PPP loan of $1,734,836 (compared to this company's $6.41M).
Similar Nearby Businesses Who Received PPP Funding:
International Cars LTD Inc
Danvers, MA
North Shore Auto LLC
Danvers, MA
Moore Gmc Truck Inc
Danvers, MA
Village Motors North, Inc
Danvers, MA
Herb Chambers Andover Street Inc
Danvers, MA
Herb Chambers I-95, Inc
Danvers, MA
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, 88% lower than Kelly Automotive Group Inc's reported 444 employees, and received an average PPP loan of $620,298, 90% lower than this company's loan of $6.41M.
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.
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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