PPP Loan Data — Regal Automotive Group, Inc., Lakeland, FL
Regal Automotive Group, Inc. is a corporation located at 925 Bartow Rd in Lakeland, Florida that received a Coronavirus-related PPP loan from the SBA of $3,656,409.00 in April, 2020.
$ PPP Loan Information
Lender:TRUIST BANK D/B/A BRANCH BANKING & TRUST CO
Regal Automotive Group, Inc. in Lakeland, FL received a Paycheck Protection Loan of $3.66M through TRUIST BANK D/B/A BRANCH BANKING & TRUST CO, which was approved in April, 2020.
Based on standard PPP eligibility rules, Regal Automotive Group, Inc.'s total 2019 payroll expenses were approximately $17.55M in order to qualify for the PPP loan amount received.
Based on their reported 330 jobs retained, this equals an estimated average yearly compensation of $53,184 per employee1.
Business Information - Regal Automotive Group, Inc. in Lakeland, FL
925 Bartow Rd
Lakeland, FL 33801
New Car Dealers (NAICS code 441110)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: FL-15
Similar Companies near Lakeland
In the Lakeland area, 3 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 137 employees (compared to this company's 330) and received an average PPP loan of $1,486,911 (compared to this company's $3.66M).
Similar Nearby Businesses Who Received PPP Funding:
Lakeland Lincoln Mercury, Inc.
Lakeland Sale LLC
Industry PPP Comparison Statistics
Nationwide, 16,570 businesses in the "New Car Dealers" industry received a total of $10,869,996,969.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 2% of the total PPP funding allocated.
PPP recipients in this industry report an average of 47 employees, 86% lower than Regal Automotive Group, Inc.'s reported 330 employees, and received an average PPP loan of $656,005, 82% lower than this company's loan of $3.66M.
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, and is published unmodified, as provided by the SBA.
Footnotes & Information
1. 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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