PPP Loan Data — Neuwirth Motors, Inc, Wilmington, NC
Neuwirth Motors, Inc is a corporation located at 219 College Rd in Wilmington, North Carolina that received a Coronavirus-related PPP loan from the SBA of $1,725,387.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least 121 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Southern Bank and Trust Company
Neuwirth Motors, Inc in Wilmington, NC received a Paycheck Protection Loan of $1.73M through Southern Bank and Trust Company, 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 March, 2021.
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, Neuwirth Motors, Inc's 2019 payroll expenses are estimated to be at least $8.28M.
Based on their reported 121 jobs retained, this equals an estimated average yearly compensation of $68,445 per employee1
Reported PPP Proceed Usage:
On the PPP application, Neuwirth Motors, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,725,387
Business Information - Neuwirth Motors, Inc in Wilmington, NC
219 College Rd
Wilmington, NC 28406
New Car Dealers
NAICS code 441110
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Wilmington
In the Wilmington area, 5 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 55 employees (compared to this company's 121) and received an average PPP loan of $664,734 (compared to this company's $1.73M).
Similar Nearby Businesses Who Received PPP Funding:
D&E Car Exchange, Inc
PJK Automotive, Inc
Capital Automotive Sales, LLC
Cycle & Power Products 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, 57% lower than Neuwirth Motors, Inc's reported 121 employees, and received an average PPP loan of $618,860, 64% lower than this company's loan of $1.73M.
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Footnotes & Information
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