PPP Loan Data — Ray Huffines Chevrolet, Inc, Plano, TX
Ray Huffines Chevrolet, Inc is a subchapter s corporation located at 1001 Coit Road in Plano, Texas that received a Coronavirus-related PPP loan from the SBA of $2,010,252.00 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:Ongoing Loan
Lender:JPMorgan Chase Bank, National Association
Ray Huffines Chevrolet, Inc in Plano, TX received a Paycheck Protection Loan of $2.01M through JPMorgan Chase 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, Ray Huffines Chevrolet, Inc's 2019 payroll expenses are estimated to be at least $9.65M.
Based on their reported 146 jobs retained, this equals an estimated average yearly compensation of $66,090 per employee1
Reported PPP Proceed Usage:
On the PPP application, Ray Huffines Chevrolet, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,787,252
- Utilities: $28,000
- Rent: $150,000
- Health Care: $45,000
Business Information - Ray Huffines Chevrolet, Inc in Plano, TX
1001 Coit Road
Plano, TX 75075
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 Plano
In the Plano area, 2 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 118 employees (compared to this company's 146) and received an average PPP loan of $1,490,721 (compared to this company's $2.01M).
Similar Nearby Businesses Who Received PPP Funding:
Huffines Hyundai Plano, 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, 64% lower than Ray Huffines Chevrolet, Inc's reported 146 employees, and received an average PPP loan of $618,860, 69% lower than this company's loan of $2.01M.
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Footnotes & Information
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