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PPP Loan Data — Petersburg Motor Company, Inc,
Charlottesville, VA
FRANCHISE
VAPetersburg Motor Company, Inc
Entity: Employee Stock Ownership Plan(esop)
Industry: New Car Dealers
Franchise: Ford Motor Company Dealer Sales and Service Agreement
Location: Charlottesville, VA
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Petersburg Motor Company, Inc is an employee stock ownership plan(esop) located at 100 Myers Dr in Charlottesville, Virginia that received a Coronavirus-related PPP loan from the SBA of $4,900,700.00 in April, 2020. This business is a Ford Motor Company Dealer Sales and Service Agreement franchise.
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PPP Loan Information
Loan #8127287001
Loan Size:
Jobs Retained:
367Loan Approved:
2020-04-08Loan Status:
Paid in Full or ForgivenLender:
Virginia National BankPetersburg Motor Company, Inc in Charlottesville, VA received a Paycheck Protection Loan of $4.9M through Virginia National 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 July, 2021.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.
Read MoreUnderstanding Payroll Estimates Based On PPP Amount
Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.
Read MoreBased 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, Petersburg Motor Company, Inc's 2019 payroll expenses are estimated to be at least $23.52M.
Based on their reported 367 jobs retained, this equals an estimated average yearly compensation of $64,096 per employee1
Reported PPP Proceed Usage:
On the PPP application, Petersburg Motor Company, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $4,900,700
Business Information - Petersburg Motor Company, Inc in Charlottesville, VA
100 Myers Dr
Charlottesville, VA 22901
Business Industry:
New Car Dealers
NAICS code 441110
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Rural
Businesses Using Same Address:
There is one other business that received a PPP loan registered to the same address as Petersburg Motor Company, Inc.
Hcm/Mte Associates Inc
New Car Dealers
Similar Companies near Charlottesville
In the Charlottesville area, 6 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 126 employees (compared to this company's 367) and received an average PPP loan of $1,620,186 (compared to this company's $4.9M).
Similar Nearby Businesses Who Received PPP Funding:
Hcm/Mte Associates Inc
Charlottesville, VA
EMB Associates, Inc
Charlottesville, VA
Malloy Charlottesville, LLC
Charlottesville, VA
Price Chevrolet Company
Charlottesville, VA
Brown Charlottesville Motors Inc
Charlottesville, VA
Industry PPP Comparison Statistics
Nationwide, 19,862 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, 86% lower than Petersburg Motor Company, Inc's reported 367 employees, and received an average PPP loan of $619,791, 87% lower than this company's loan of $4.9M.
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. FederalPay does not modify the data and makes no claims regarding its accuracy.
Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.
Footnotes & Information
1. Estimations for informational purposes only. 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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