PPP Loan Data — Pat Milliken Ford Inc, Redford, MI
Pat Milliken Ford Inc is a corporation located at 9600 Telegraph Rd in Redford, Michigan that received a Coronavirus-related PPP loan from the SBA of $1,936,854.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Bank of America, National Association
Pat Milliken Ford Inc in Redford, MI received a Paycheck Protection Loan of $1.94M through Bank of America, National Association, which was approved in May, 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 May, 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, Pat Milliken Ford Inc's 2019 payroll expenses are estimated to be at least $9.3M.
Based on their reported 148 jobs retained, this equals an estimated average yearly compensation of $62,817 per employee1
Reported PPP Proceed Usage:
On the PPP application, Pat Milliken Ford Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,936,854
Business Information - Pat Milliken Ford Inc in Redford, MI
9600 Telegraph Rd
Redford, MI 48239
New Car Dealers
NAICS code 441110
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Redford
In the Redford area, 7 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 84 employees (compared to this company's 148) and received an average PPP loan of $963,274 (compared to this company's $1.94M).
Similar Nearby Businesses Who Received PPP Funding:
KJ Auto Sales Inc
George Matick Chevrolet Inc
Next Mile Inc
East Side Motors 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, 65% lower than Pat Milliken Ford Inc's reported 148 employees, and received an average PPP loan of $618,860, 68% lower than this company's loan of $1.94M.
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Footnotes & Information
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