PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Manchester Sports Center Inc, Manchester, CT

ALERT: There are 2 PPP loans for a total of $4.54M in our database for businesses with the name "Manchester Sports Center Inc" in Manchester, CT. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Manchester Sports Center Inc

FRANCHISE

CT

Manchester Sports Center Inc

Entity: Subchapter S Corporation

Industry: Motor Vehicle Towing

Franchise: Honda Automobile Division - Dealer Sales and Service Agreement

Location: Manchester, CT

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Manchester Sports Center Inc is a subchapter s corporation located at 24 Adams St in Manchester, Connecticut that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in February, 2021. This business is a Honda Automobile Division - Dealer Sales and Service Agreement franchise.

The company has reported itself as a White male owned business, and employed at least 276 people during the applicable loan loan period.

$ PPP Loan Information
Loan #5049848500

Loan Size:

$2M

Jobs Retained:

276

Loan Approved:

2021-02-27

Loan Status:

Ongoing Loan

Lender:

Webster Bank, National Association

Manchester Sports Center Inc in Manchester, CT received a Paycheck Protection Loan of $2M through Webster Bank, National Association, which was approved in February, 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.

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 More
Understanding 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 More

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, Manchester Sports Center Inc's 2019 payroll expenses are estimated to be at least $9.6M.

Based on their reported 276 jobs retained, this equals an estimated average yearly compensation of $34,783 per employee1

Reported PPP Proceed Usage:

On the PPP application, Manchester Sports Center Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,999,997
  • Utilities: $1
Because the loan received by Manchester Sports Center Inc is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Manchester Sports Center Inc in Manchester, CT

Manchester Sports Center Inc
24 Adams St
Manchester, CT 6042

Business Industry:
Motor Vehicle Towing
NAICS code 488410

Business Owner Demographics

Race: White

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Hartford County, CT — SBA Office 0156 — Congressional District: CT-01

Industry PPP Comparison Statistics

Nationwide, 17,078 businesses in the "Motor Vehicle Towing" industry received a total of $901.76M 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, 98% lower than Manchester Sports Center Inc's reported 276 employees, and received an average PPP loan of $52,802, 97% lower than this company's loan of $2M.

SBA PPP loan data, payroll data, and salaries for Manchester Sports Center, Inc

FRANCHISE

CT

Manchester Sports Center, Inc

Entity: Subchapter S Corporation

Industry: New Car Dealers

Franchise: General Motors, LLC (Chevrolet, Buick, GM, Cadillac) Dealer Sales and Service Agreement

Location: Manchester, CT

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Manchester Sports Center, Inc is a subchapter s corporation located at 24 Adams Street in Manchester, Connecticut that received a Coronavirus-related PPP loan from the SBA of $2,538,600.00 in April, 2020. This business is a General Motors, LLC (Chevrolet, Buick, GM, Cadillac) Dealer Sales and Service Agreement franchise.

The company has reported itself as a White male owned business, and employed at least 276 people during the applicable loan loan period.

$ PPP Loan Information
Loan #6055987000

Loan Size:

$2.54M

Jobs Retained:

276

Loan Approved:

2020-04-06

Loan Status:

Paid in Full or Forgiven

Lender:

Webster Bank, National Association

Manchester Sports Center, Inc in Manchester, CT received a Paycheck Protection Loan of $2.54M through Webster Bank, 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 July, 2021.

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 More
Understanding 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 More

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, Manchester Sports Center, Inc's 2019 payroll expenses are estimated to be at least $12.19M.

Based on their reported 276 jobs retained, this equals an estimated average yearly compensation of $44,150 per employee1

Reported PPP Proceed Usage:

On the PPP application, Manchester Sports Center, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $2,538,600
Because the loan received by Manchester Sports Center, Inc is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Manchester Sports Center, Inc in Manchester, CT

Manchester Sports Center, Inc
24 Adams Street
Manchester, CT 6042

Business Industry:
New Car Dealers
NAICS code 441110

Business Owner Demographics

Race: White

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Hartford County, CT — SBA Office 0156 — Congressional District: CT-01

Similar Companies near Manchester

In the Manchester area, 2 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 166 employees (compared to this company's 276) and received an average PPP loan of $1,574,050 (compared to this company's $2.54M).

Similar Nearby Businesses Who Received PPP Funding:

Chase Nissan, LLC
Manchester, CT

$609,500 PPP Loan

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, 81% lower than Manchester Sports Center, Inc's reported 276 employees, and received an average PPP loan of $620,298, 76% lower than this company's loan of $2.54M.

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.

Search FederalPay's Full PPP Loan Database

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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/manchester-sports-center-inc-manchester-ct