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PPP Loan Data — Norm Reeves, Inc., Cerritos, CA

SBA PPP loan data, payroll data, and salaries for Norm Reeves, Inc.
CA

Norm Reeves, Inc.

Entity: Corporation

Industry: New Car Dealers

Location: Cerritos, CA

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Norm Reeves, Inc. is a corporation located at 18500 Studebaker Rd in Cerritos, California that received a Coronavirus-related PPP loan from the SBA of $3,617,400.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$3.62M

Jobs Retained:

326

Loan Approved:

2020-04-27

Lender:

COMERICA BANK

Norm Reeves, Inc. received a Paycheck Protection Loan of $3.62M through COMERICA BANK, which was approved in April, 2020.

Based on standard PPP eligibility rules, Norm Reeves, Inc.'s total 2019 payroll expenses were approximately $17.36M in order to qualify for the PPP loan amount received.

Based on their reported 326 jobs retained, this equals an estimated average yearly compensation of $53,262 per employee1.

Because the loan received by Norm Reeves, 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 - Norm Reeves, Inc. in Cerritos, CA

Norm Reeves, Inc.
18500 Studebaker Rd
Cerritos, CA 90703

Business Industry

New Car Dealers (NAICS code 441110)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: CA-38

Similar Companies near Cerritos

In the Cerritos area, 10 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 123 employees (compared to this company's 326) and received an average PPP loan of $1,378,471 (compared to this company's $3.62M).

Industry PPP Comparison Statistics

Nationwide, 16,570 businesses in the "New Car Dealers" industry received a total of $10,869,996,969.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 2% of the total PPP funding allocated.

PPP recipients in this industry report an average of 47 employees, 86% lower than Norm Reeves, Inc.'s reported 326 employees, and received an average PPP loan of $656,005, 82% lower than this company's loan of $3.62M.

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.

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Footnotes & Information

1. 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/norm-reeves-inc-cerritos-ca