PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Security Auto Sales Inc, Amityville, NY

ALERT: There are 2 PPP loans for a total of $4.61M in our database for businesses with the name "Security Auto Sales Inc" in Amityville, NY. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Security Auto Sales Inc

FRANCHISE

NY

Security Auto Sales Inc

Entity: Corporation

Industry: New Car Dealers

Franchise: Dodge - Sales and Service Agreement

Location: Amityville, NY

Search All PPP Data

Security Auto Sales Inc is a corporation located at 345 Merrick Rd 16 Sprague Ave in Amityville, New York that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in March, 2021. This business is a Dodge - Sales and Service Agreement franchise.

$ PPP Loan Information
Loan #9100308507

Loan Size:

$2M

Jobs Retained:

180

Loan Approved:

2021-03-12

Loan Status:

Ongoing Loan

Lender:

TD Bank, National Association

Security Auto Sales Inc in Amityville, NY received a Paycheck Protection Loan of $2M through TD Bank, National Association, which was approved in March, 2021.

This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.

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.

Read More
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.

Read More

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, Security Auto Sales Inc's 2019 payroll expenses are estimated to be at least $9.6M.

Based on their reported 180 jobs retained, this equals an estimated average yearly compensation of $53,333 per employee1

Reported PPP Proceed Usage:

On the PPP application, Security Auto Sales Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,999,998
  • Utilities: $1
Because the loan received by Security Auto Sales 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 - Security Auto Sales Inc in Amityville, NY

Security Auto Sales Inc
345 Merrick Rd 16 Sprague Ave
Amityville, NY 11701

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: Y

HUBZone: N

Rural / Urban: Urban

Suffolk County, NY — SBA Office 0235 — Congressional District: NY-02

Similar Companies near Amityville

In the Amityville area, 8 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 87 employees (compared to this company's 180) and received an average PPP loan of $1,105,219 (compared to this company's $2M).

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, 71% lower than Security Auto Sales Inc's reported 180 employees, and received an average PPP loan of $618,860, 69% lower than this company's loan of $2M.

SBA PPP loan data, payroll data, and salaries for Security Auto Sales, Inc

FRANCHISE

NY

Security Auto Sales, Inc

Entity: Corporation

Industry: New Car Dealers

Franchise: Dodge - Sales and Service Agreement

Location: Amityville, NY

Search All PPP Data

Security Auto Sales, Inc is a corporation located at 345 Merrick Rd in Amityville, New York that received a Coronavirus-related PPP loan from the SBA of $2,614,972.00 in April, 2020. This business is a Dodge - Sales and Service Agreement franchise.

$ PPP Loan Information
Loan #2928747109

Loan Size:

$2.61M

Jobs Retained:

185

Loan Approved:

2020-04-11

Loan Status:

Ongoing Loan

Lender:

TD Bank, National Association

Security Auto Sales, Inc in Amityville, NY received a Paycheck Protection Loan of $2.61M through TD Bank, National Association, which was approved in April, 2020.

This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.

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.

Read More
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.

Read More

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, Security Auto Sales, Inc's 2019 payroll expenses are estimated to be at least $12.55M.

Based on their reported 185 jobs retained, this equals an estimated average yearly compensation of $67,848 per employee1

Reported PPP Proceed Usage:

On the PPP application, Security Auto Sales, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $2,614,972
Because the loan received by Security Auto Sales, 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 - Security Auto Sales, Inc in Amityville, NY

Security Auto Sales, Inc
345 Merrick Rd
Amityville, NY 11701

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

Suffolk County, NY — SBA Office 0235 — Congressional District: NY-02

Similar Companies near Amityville

In the Amityville area, 8 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 87 employees (compared to this company's 185) and received an average PPP loan of $1,105,219 (compared to this company's $2.61M).

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, 72% lower than Security Auto Sales, Inc's reported 185 employees, and received an average PPP loan of $618,860, 76% lower than this company's loan of $2.61M.

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.


Have FederalPay.org's open data tools been valuable? Consider donating!

** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/security-auto-sales-inc-amityville-ny