PPP Loan Data — Marty Feldman Chevrolet, Inc, Novi, MI
Marty Feldman Chevrolet, Inc is a subchapter s corporation located at 42355 Grand River Avenue 0.0 in Novi, Michigan that received a Coronavirus-related PPP loan from the SBA of $1,513,575.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:JPMorgan Chase Bank, National Association
Marty Feldman Chevrolet, Inc in Novi, MI received a Paycheck Protection Loan of $1.51M through JPMorgan Chase Bank, National Association, which was approved in April, 2020.
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, Marty Feldman Chevrolet, Inc's 2019 payroll expenses are estimated to be at least $7.27M.
Based on their reported 107 jobs retained, this equals an estimated average yearly compensation of $67,899 per employee1
Reported PPP Proceed Usage:
On the PPP application, Marty Feldman Chevrolet, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,135,181
- Utilities: $25,000
- Mortgage Interest: $35,649
- Health Care: $37,636
- Debt Interest: $280,109
Business Information - Marty Feldman Chevrolet, Inc in Novi, MI
42355 Grand River Avenue 0.0
Novi, MI 48375
New Car Dealers
NAICS code 441110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Novi
In the Novi area, 7 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 66 employees (compared to this company's 107) and received an average PPP loan of $966,143 (compared to this company's $1.51M).
Similar Nearby Businesses Who Received PPP Funding:
GL Novi, LLC
Manor Motorcar Co
Varsity Lincoln Inc
Suburban Infiniti, LLC
Feldman Imports, LLC
Tropical Ford One LLC
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, 51% lower than Marty Feldman Chevrolet, Inc's reported 107 employees, and received an average PPP loan of $618,860, 59% lower than this company's loan of $1.51M.
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Footnotes & Information
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