PPP Loan Data — Mckenna Motors Torrance Inc, Torrance, CA
Mckenna Motors Torrance Inc is a corporation located at 18800 Hawthorne Blvd in Torrance, California that received a Coronavirus-related PPP loan from the SBA of $2,313,500.00 in April, 2020. This business is a Volvo Cars USA, LLC - Retailer Agreement franchise.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:First Hawaiian Bank
Mckenna Motors Torrance Inc in Torrance, CA received a Paycheck Protection Loan of $2.31M through First Hawaiian Bank, which was approved in April, 2020.
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
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, Mckenna Motors Torrance Inc's 2019 payroll expenses are estimated to be at least $11.1M.
Based on their reported 205 jobs retained, this equals an estimated average yearly compensation of $54,170 per employee1
Reported PPP Proceed Usage:
On the PPP application, Mckenna Motors Torrance Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,313,500
Business Information - Mckenna Motors Torrance Inc in Torrance, CA
18800 Hawthorne Blvd
Torrance, CA 90504
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 Torrance
In the Torrance area, 17 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 76 employees (compared to this company's 205) and received an average PPP loan of $928,336 (compared to this company's $2.31M).
Similar Nearby Businesses Who Received PPP Funding:
South Bay Auto Group, LLC
S.b.l. Auto Inc
UAG Southbay LLC
South Bay Hyundai, LLC
AL's Jaguar Inc
Morris Motors, Inc
KKT Automotive, LLC
Scott Robinson Pontiac 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, 75% lower than Mckenna Motors Torrance Inc's reported 205 employees, and received an average PPP loan of $618,860, 73% lower than this company's loan of $2.31M.
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Footnotes & Information
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