PPP Loan Data — Liberty Auto City Inc, Libertyville, IL
Liberty Auto City Inc is a corporation located at 1000 E Park Ave in Libertyville, Illinois that received a Coronavirus-related PPP loan from the SBA of $1,921,292.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Bank of America, National Association
Liberty Auto City Inc in Libertyville, IL received a Paycheck Protection Loan of $1.92M through Bank of America, National Association, 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 May, 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, Liberty Auto City Inc's 2019 payroll expenses are estimated to be at least $9.22M.
Based on their reported 152 jobs retained, this equals an estimated average yearly compensation of $60,672 per employee1
Reported PPP Proceed Usage:
On the PPP application, Liberty Auto City Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,921,292
Business Information - Liberty Auto City Inc in Libertyville, IL
1000 E Park Ave
Libertyville, IL 60048
New Car Dealers
NAICS code 441110
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Libertyville
In the Libertyville area, 12 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 63 employees (compared to this company's 152) and received an average PPP loan of $785,006 (compared to this company's $1.92M).
Similar Nearby Businesses Who Received PPP Funding:
Mcgrath 1620, Inc
Pauly Motors, Inc
Napleton 1050, Inc
United Motors LTD
Sessler Ford , Inc
Napleton Libertyville, Inc
Gregory Infiniti Inc
Libertyville Chevrolet, 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, 66% lower than Liberty Auto City Inc's reported 152 employees, and received an average PPP loan of $618,860, 68% lower than this company's loan of $1.92M.
FederalPay's PPP Information Policy
Footnotes & Information
Have FederalPay.org's open data tools been valuable? Consider donating!