PPP Loan Data — Rick Case Cars, Inc, Davie, FL

FRANCHISE

Rick Case Cars, Inc

Entity: Subchapter S Corporation

Industry: New Car Dealers

Franchise: Honda Automobile Division - Dealer Sales and Service Agreement

Location: Davie, FL

Rick Case Cars, Inc is a subchapter s corporation located at 15700 Rick Case Honda Way in Davie, Florida that received a Coronavirus-related PPP loan from the SBA of $3,979,400.00 in April, 2020. This business is a Honda Automobile Division - Dealer Sales and Service Agreement franchise.

$ PPP Loan Information
Loan #4182407103

Loan Size:

$3.98M

Jobs Retained:

324

Loan Approved:

2020-04-13

Loan Status:

Paid in Full or Forgiven

Lender:

Comerica Bank

Rick Case Cars, Inc in Davie, FL received a Paycheck Protection Loan of $3.98M through Comerica 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.

Understanding 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.

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, Rick Case Cars, Inc's 2019 payroll expenses are estimated to be at least $19.1M.

Based on their reported 324 jobs retained, this equals an estimated average yearly compensation of $58,954 per employee¹

Reported PPP Proceed Usage:

On the PPP application, Rick Case Cars, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $3,183,598
Mortgage Interest: $795,802

Because the loan received by Rick Case Cars, Inc is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Rick Case Cars, Inc in Davie, FL

Rick Case Cars, Inc
15700 Rick Case Honda Way
Davie, FL 33331

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: Urban

Broward County, FL — SBA Office 0455 — Congressional District: FL-25

Similar Companies near Davie

In the Davie area, 5 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 145 employees (compared to this company's 324) and received an average PPP loan of $1,789,181 (compared to this company's $3.98M).

Similar Nearby Businesses Who Received PPP Funding:

Rick Case Davie, LLC
Davie, FL

$1.41M PPP Loan

Rick Case Weston, LLC
Davie, FL

$686,500 PPP Loan

Plantation Sales Inc
Fort Lauderdale, FL

$1.7M PPP Loan

Rick Case Broward, LLC
Davie, FL

$1.17M PPP Loan

Industry PPP Comparison Statistics

Nationwide, 19,861 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, 84% lower than Rick Case Cars, Inc's reported 324 employees, and received an average PPP loan of $619,815, 84% lower than this company's loan of $3.98M.

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.

Search FederalPay's Full PPP Loan Database

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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