PPP Loan Data — Lynnes Nissan City Inc., Bloomfield, NJ
Lynnes Nissan City Inc. is a corporation located at 318 Bloomfield Avenue in Bloomfield, New Jersey that received a Coronavirus-related PPP loan from the SBA of $2,533,622.00 in April, 2020.
$ PPP Loan Information
Lender:JPMORGAN CHASE BANK, NATIONAL ASSOCIATION
Lynnes Nissan City Inc. in Bloomfield, NJ received a Paycheck Protection Loan of $2.53M through JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, which was approved in April, 2020.
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 101 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.
2019 Payroll Estimations based On PPP Amount:
Assuming all employees were paid over the $100k eligibility cap, the minimum number of employees this company must have had in 2019 to qualify for the loan range received is 122.
Based on standard PPP eligibility rules, Lynnes Nissan City Inc.'s total 2019 payroll expenses were approximately $12.16M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.
Because the 101 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Business Information - Lynnes Nissan City Inc. in Bloomfield, NJ
318 Bloomfield Avenue
Bloomfield, NJ 7003
Used Car Dealers (NAICS code 441120)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: NJ-11
Similar Companies near Bloomfield
In the Bloomfield area, 3 businesses in the "Used Car Dealers" industry received a PPP loan. These local businesses reported an average of 55 employees (compared to this company's 101) and received an average PPP loan of $1,379,547 (compared to this company's $2.53M).
Similar Nearby Businesses Who Received PPP Funding:
Lynnes Hyundai, LLC
Bavarian Auto Gallery Inc
Industry PPP Comparison Statistics
Nationwide, 19,222 businesses in the "Used Car Dealers" industry received a total of $1,465,557,208.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.
PPP recipients in this industry report an average of 7 employees, 93% lower than Lynnes Nissan City Inc.'s reported 101 employees, and received an average PPP loan of $76,244, 97% lower than this company's loan of $2.53M.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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