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PPP Loan Data — Schulte Automotive, Sioux Falls, SD

SBA PPP loan data, payroll data, and salaries for Schulte Automotive
SD

Schulte Automotive

Entity: Corporation

Industry: New Car Dealers

Location: Sioux Falls, SD

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Schulte Automotive is a corporation located at 7601 S. Minnesota Ave in Sioux Falls, South Dakota that received a Coronavirus-related PPP loan from the SBA of $1,179,400.00 in April, 2020.

The company has reported itself as a male owned business, and employed at least 86 people during the applicable loan loan period.

$ PPP Loan Information

Loan Size:

$1.18M

Jobs Retained:

86

Loan Approved:

2020-04-04

Lender:

PLAINS COMMERCE BANK

Schulte Automotive received a Paycheck Protection Loan of $1.18M through PLAINS COMMERCE BANK, which was approved in April, 2020.

Based on standard PPP eligibility rules, Schulte Automotive's total 2019 payroll expenses were approximately $5.66M in order to qualify for the PPP loan amount received.

Based on their reported 86 jobs retained, this equals an estimated average yearly compensation of $65,827 per employee1.

Business Information - Schulte Automotive in Sioux Falls, SD

Schulte Automotive
7601 S. Minnesota Ave
Sioux Falls, SD 57108

Business Industry

New Car Dealers (NAICS code 441110)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: MALE OWNED

Veteran Status: Unreported

Congressional District: SD-

Similar Companies near Sioux Falls

In the Sioux Falls area, 6 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 115 employees (compared to this company's 86) and received an average PPP loan of $1,491,767 (compared to this company's $1.18M).

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, 45% lower than Schulte Automotive's reported 86 employees, and received an average PPP loan of $656,005, 44% lower than this company's loan of $1.18M.

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.

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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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/schulte-automotive-sioux-falls-sd