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PPP Loan Data — MJC Auto Enterprise,
Union, NJ
FRANCHISE
NJMJC Auto Enterprise
Entity: Limited Liability Company (LLC)
Industry: New Car Dealers
Franchise: General Motors, LLC (Chevrolet, Buick, GM, Cadillac) Dealer Sales and Service Agreement
Location: Union, NJ
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MJC Auto Enterprise is a limited liability company (LLC) located at 2301 Us Highway 22 W in Union, New Jersey that received a Coronavirus-related PPP loan from the SBA of $571,600.00 in January, 2021. This business is a General Motors, LLC (Chevrolet, Buick, GM, Cadillac) Dealer Sales and Service Agreement franchise.
The company has reported itself as a male owned business, and employed at least 37 people during the applicable loan loan period.
$
PPP Loan Information
Loan #1579658305
Loan Size:
Jobs Retained:
37Loan Approved:
2021-01-19Loan Status:
Ongoing LoanLender:
Magyar BankMJC Auto Enterprise in Union, NJ received a Paycheck Protection Loan of $571,600 through Magyar Bank, which was approved in January, 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 MoreUnderstanding 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 MoreBased 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, MJC Auto Enterprise's 2019 payroll expenses are estimated to be at least $2.74M.
Based on their reported 37 jobs retained, this equals an estimated average yearly compensation of $74,154 per employee1
Reported PPP Proceed Usage:
On the PPP application, MJC Auto Enterprise reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $571,595
- Utilities: $1
Business Information - MJC Auto Enterprise in Union, NJ
2301 Us Highway 22 W
Union, NJ 7083
Business Industry:
New Car Dealers
NAICS code 441110
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near Union
In the Union area, 5 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 81 employees (compared to this company's 37) and received an average PPP loan of $1,399,507 (compared to this company's $571,600).
Similar Nearby Businesses Who Received PPP Funding:
Timco Inc
Union, NJ
Ray Catena Of Union LLC
Union, NJ
Open Road Of Union LLC
Union, NJ
Maxon Hyundai Inc
Union, NJ
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, 41% higher than MJC Auto Enterprise's reported 37 employees, and received an average PPP loan of $620,298, 9% higher than this company's loan of $571,600.
MJC Auto Enterprise
Entity: Limited Liability Company (LLC)
Industry: Used Car Dealers
Location: Union, NJ
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MJC Auto Enterprise is a limited liability company (LLC) located at 2301 Rt 22 West in Union, New Jersey that received a Coronavirus-related PPP loan from the SBA of $568,400.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 44 people during the applicable loan loan period.
$
PPP Loan Information
Loan #4352517007
Loan Size:
Jobs Retained:
44Loan Approved:
2020-04-03Loan Status:
Paid in Full or ForgivenLender:
Magyar BankMJC Auto Enterprise in Union, NJ received a Paycheck Protection Loan of $568,400 through Magyar Bank, 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 February, 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 MoreUnderstanding 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 MoreBased 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, MJC Auto Enterprise's 2019 payroll expenses are estimated to be at least $2.73M.
Based on their reported 44 jobs retained, this equals an estimated average yearly compensation of $62,007 per employee1
Reported PPP Proceed Usage:
On the PPP application, MJC Auto Enterprise reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $568,400
Business Information - MJC Auto Enterprise in Union, NJ
2301 Rt 22 West
Union, NJ 7083
Business Industry:
Used Car Dealers
NAICS code 441120
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near Union
In the Union area, 11 businesses in the "Used Car Dealers" industry received a PPP loan. These local businesses reported an average of 13 employees (compared to this company's 44) and received an average PPP loan of $170,672 (compared to this company's $568,400).
Similar Nearby Businesses Who Received PPP Funding:
Amir Used Car Inc
Union, NJ
Jherrinho P Jeune
Union, NJ
Maxon Hyundai Inc
Union, NJ
Tamer Hegazy
Union, NJ
Max Orleans
Union, NJ
Eston Auto Service LLC
Union, NJ
Ramone Wilson
Union, NJ
Industry PPP Comparison Statistics
Nationwide, 39,423 businesses in the "Used Car Dealers" industry received a total of $2.16B 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, 86% lower than MJC Auto Enterprise's reported 44 employees, and received an average PPP loan of $54,810, 90% lower than this company's loan of $568,400.
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.
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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