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

PPP Loan Data — Morristown Motors Inc, Morristown, NJ

ALERT: There are 2 PPP loans for a total of $3.73M in our database for businesses with the name "Morristown Motors Inc" in Morristown, NJ. 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 Morristown Motors Inc

FRANCHISE

NJ

Morristown Motors Inc

Entity: Corporation

Industry: New Car Dealers

Franchise: Toyota Motors Sales, U.S.A., Inc. - Dealer Agreement

Location: Morristown, NJ

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Morristown Motors Inc is a corporation located at 169 Ridgedale Ave in Morristown, New Jersey that received a Coronavirus-related PPP loan from the SBA of $1,700,000.00 in February, 2021. This business is a Toyota Motors Sales, U.S.A., Inc. - Dealer Agreement franchise.

The company has reported itself as a White male owned business, and employed at least 158 people during the applicable loan loan period.

$ PPP Loan Information
Loan #2276008502

Loan Size:

$1.7M

Jobs Retained:

158

Loan Approved:

2021-02-20

Loan Status:

Ongoing Loan

Lender:

Loan Source Incorporated

Morristown Motors Inc in Morristown, NJ received a Paycheck Protection Loan of $1.7M through Loan Source Incorporated, 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, Morristown Motors Inc's 2019 payroll expenses are estimated to be at least $8.16M.

Based on their reported 158 jobs retained, this equals an estimated average yearly compensation of $51,646 per employee1

Reported PPP Proceed Usage:

On the PPP application, Morristown Motors Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,699,996
  • Utilities: $1

Business Information - Morristown Motors Inc in Morristown, NJ

Morristown Motors Inc
169 Ridgedale Ave
Morristown, NJ 7960

Business Industry:
New Car Dealers
NAICS code 441110

Business Owner Demographics

Race: White

Ethnicity: Not Hispanic or Latino

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

Morris County, NJ — SBA Office 0299 — Congressional District: NJ-11

Similar Companies near Morristown

In the Morristown area, 9 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 93 employees (compared to this company's 158) and received an average PPP loan of $1,229,090 (compared to this company's $1.7M).

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, 67% lower than Morristown Motors Inc's reported 158 employees, and received an average PPP loan of $618,860, 64% lower than this company's loan of $1.7M.

SBA PPP loan data, payroll data, and salaries for Morristown Motors, Inc
NJ

Morristown Motors, Inc

Entity: Corporation

Industry: New Car Dealers

Location: Morristown, NJ

Search All PPP Data

Morristown Motors, Inc is a corporation located at 169 Ridgedale Ave in Morristown, New Jersey that received a Coronavirus-related PPP loan from the SBA of $2,028,900.00 in April, 2020.

$ PPP Loan Information
Loan #2270537108

Loan Size:

$2.03M

Jobs Retained:

150

Loan Approved:

2020-04-10

Loan Status:

Ongoing Loan

Lender:

Peapack-Gladstone Bank

Morristown Motors, Inc in Morristown, NJ received a Paycheck Protection Loan of $2.03M through Peapack-Gladstone 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

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, Morristown Motors, Inc's 2019 payroll expenses are estimated to be at least $9.74M.

Based on their reported 150 jobs retained, this equals an estimated average yearly compensation of $64,925 per employee1

Reported PPP Proceed Usage:

On the PPP application, Morristown Motors, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $2,028,900
Because the loan received by Morristown Motors, 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 - Morristown Motors, Inc in Morristown, NJ

Morristown Motors, Inc
169 Ridgedale Ave
Morristown, NJ 7960

Business Industry:
New Car Dealers
NAICS code 441110

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Morris County, NJ — SBA Office 0299 — Congressional District: NJ-11

Similar Companies near Morristown

In the Morristown area, 9 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 93 employees (compared to this company's 150) and received an average PPP loan of $1,229,090 (compared to this company's $2.03M).

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, 65% lower than Morristown Motors, Inc's reported 150 employees, and received an average PPP loan of $618,860, 69% lower than this company's loan of $2.03M.

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/morristown-motors-inc-morristown-nj