PPP Loan Data — San Fernando Motor Company, San Fernando, CA
San Fernando Motor Company is a subchapter s corporation located at 700 San Fernando Rd in San Fernando, California that received a Coronavirus-related PPP loan from the SBA of $1,573,200.00 in April, 2020. This business is a Dodge - Sales and Service Agreement franchise.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Alerus Financial, National Association
San Fernando Motor Company in San Fernando, CA received a Paycheck Protection Loan of $1.57M through Alerus Financial, National Association, 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 March, 2021.
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, San Fernando Motor Company's 2019 payroll expenses are estimated to be at least $7.55M.
Based on their reported 117 jobs retained, this equals an estimated average yearly compensation of $64,542 per employee1
Reported PPP Proceed Usage:
On the PPP application, San Fernando Motor Company reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,179,975
- Utilities: $196,663
- Rent: $196,562
Business Information - San Fernando Motor Company in San Fernando, CA
700 San Fernando Rd
San Fernando, CA 91340
New Car Dealers
NAICS code 441110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near San Fernando
In the San Fernando area, 2 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 172 employees (compared to this company's 117) and received an average PPP loan of $2,412,750 (compared to this company's $1.57M).
Similar Nearby Businesses Who Received PPP Funding:
Boeckmann Automotive, LLC
San Fernando, CA
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, 56% lower than San Fernando Motor Company's reported 117 employees, and received an average PPP loan of $618,860, 61% lower than this company's loan of $1.57M.
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Footnotes & Information
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