PPP Loan Data — Paradise Chevrolet, Ventura, CA
Paradise Chevrolet is a subchapter s corporation located at 6350 Leland St in Ventura, California that received a Coronavirus-related PPP loan from the SBA of $1,557,735.00 in April, 2020. This business is a General Motors, LLC (Chevrolet, Buick, GM, Cadillac) Dealer Sales and Service Agreement franchise.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Paradise Chevrolet in Ventura, CA received a Paycheck Protection Loan of $1.56M through Ally 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 April, 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, Paradise Chevrolet's 2019 payroll expenses are estimated to be at least $7.48M.
Based on their reported 126 jobs retained, this equals an estimated average yearly compensation of $59,342 per employee1
Reported PPP Proceed Usage:
On the PPP application, Paradise Chevrolet reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,557,735
Business Information - Paradise Chevrolet in Ventura, CA
6350 Leland St
Ventura, CA 93003
New Car Dealers
NAICS code 441110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Ventura
In the Ventura area, 11 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 79 employees (compared to this company's 126) and received an average PPP loan of $927,426 (compared to this company's $1.56M).
Similar Nearby Businesses Who Received PPP Funding:
Kirby Oldsmobile, Inc
Kirby Motorcars, Inc
Cappo Management Xxxi, Inc
British Motorcars Ventura Inc
Gold Coast Auto Group Inc
Ford Of Ventura, Inc
Donahue Truck Center, LLC
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, 59% lower than Paradise Chevrolet's reported 126 employees, and received an average PPP loan of $618,860, 60% lower than this company's loan of $1.56M.
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Footnotes & Information
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