PPP Loan Data — Nimnicht Chevrolet Company, Jacksonville, FL
Nimnicht Chevrolet Company is a corporation located at 1550 Cassat Ave in Jacksonville, Florida that received a Coronavirus-related PPP loan from the SBA of $3,084,500.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 215 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Hancock Whitney Bank
Nimnicht Chevrolet Company in Jacksonville, FL received a Paycheck Protection Loan of $3.08M through Hancock Whitney 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, Nimnicht Chevrolet Company's 2019 payroll expenses are estimated to be at least $14.81M.
Based on their reported 215 jobs retained, this equals an estimated average yearly compensation of $68,863 per employee1
Reported PPP Proceed Usage:
On the PPP application, Nimnicht Chevrolet Company reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,572,606
- Utilities: $25,211
- Mortgage Interest: $14,186
- Rent: $9,280
- Health Care: $209,214
- Debt Interest: $254,003
Business Information - Nimnicht Chevrolet Company in Jacksonville, FL
1550 Cassat Ave
Jacksonville, FL 32210
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 Jacksonville
In the Jacksonville 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 215) and received an average PPP loan of $1,088,133 (compared to this company's $3.08M).
Similar Nearby Businesses Who Received PPP Funding:
Auto Depot Inc
HHH Motors 2 LLP
Trust Motors LLC
Duval Ford, LLC
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, 76% lower than Nimnicht Chevrolet Company's reported 215 employees, and received an average PPP loan of $620,298, 80% lower than this company's loan of $3.08M.
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Footnotes & Information
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