PPP Loan Data — Preston Ford, Inc, Hurlock, MD
Preston Ford, Inc is a corporation located at 4313 Preston Rd in Hurlock, Maryland that received a Coronavirus-related PPP loan from the SBA of $2,243,266.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least 165 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Fulton Bank, National Association
Preston Ford, Inc in Hurlock, MD received a Paycheck Protection Loan of $2.24M through Fulton Bank, National Association, which was approved in April, 2020.
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, Preston Ford, Inc's 2019 payroll expenses are estimated to be at least $10.77M.
Based on their reported 165 jobs retained, this equals an estimated average yearly compensation of $65,259 per employee1
Reported PPP Proceed Usage:
On the PPP application, Preston Ford, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,682,450
- Utilities: $560,817
Business Information - Preston Ford, Inc in Hurlock, MD
4313 Preston Rd
Hurlock, MD 21643
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: N
Rural / Urban: Rural
Similar Companies near Hurlock
In the Hurlock area, 2 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 97 employees (compared to this company's 165) and received an average PPP loan of $1,307,883 (compared to this company's $2.24M).
Similar Nearby Businesses Who Received PPP Funding:
Preston Hyundai, 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, 68% lower than Preston Ford, Inc's reported 165 employees, and received an average PPP loan of $618,860, 72% lower than this company's loan of $2.24M.
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Footnotes & Information
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