PPP Loan Data — Magnum Auto Group, Inc, Montross, VA
Magnum Auto Group, Inc is a subchapter s corporation located at 15075 Kings Hwy in Montross, Virginia that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Atlantic Union Bank
Magnum Auto Group, Inc in Montross, VA received a Paycheck Protection Loan of $25,000 through Atlantic Union Bank, which was approved in May, 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, Magnum Auto Group, Inc's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $30,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Magnum Auto Group, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Magnum Auto Group, Inc in Montross, VA
15075 Kings Hwy
Montross, VA 22520
Used Car Dealers
NAICS code 441120
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Montross
In the Montross area, 3 businesses in the "Used Car Dealers" industry received a PPP loan. These local businesses reported an average of 3 employees (compared to this company's 4) and received an average PPP loan of $25,820 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Capitol Lubrication Inc
Capital Lube Inc
Industry PPP Comparison Statistics
Nationwide, 40,336 businesses in the "Used Car Dealers" industry received a total of $2.19B 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 6 employees, 50% higher than Magnum Auto Group, Inc's reported 4 employees, and received an average PPP loan of $54,194, 117% higher than this company's loan of $25,000.
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Footnotes & Information
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