PPP Loan Data — Serra Buick Gmc Cadillac, LLC, Washington, MI
Serra Buick Gmc Cadillac, LLC is a limited liability company (LLC) located at 12300 30 Mile Rd in Washington, Michigan that received a Coronavirus-related PPP loan from the SBA of $1,704,400.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:The Huntington National Bank
Serra Buick Gmc Cadillac, LLC in Washington, MI received a Paycheck Protection Loan of $1.7M through The Huntington National Bank, which was approved in April, 2020.
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, Serra Buick Gmc Cadillac, LLC's 2019 payroll expenses are estimated to be at least $8.18M.
Based on their reported 113 jobs retained, this equals an estimated average yearly compensation of $72,399 per employee1
Reported PPP Proceed Usage:
On the PPP application, Serra Buick Gmc Cadillac, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,704,400
Business Information - Serra Buick Gmc Cadillac, LLC in Washington, MI
12300 30 Mile Rd
Washington, MI 48095
New Car Dealers
NAICS code 441110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Washington
In the Washington area, 5 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 82 employees (compared to this company's 113) and received an average PPP loan of $1,164,273 (compared to this company's $1.7M).
Similar Nearby Businesses Who Received PPP Funding:
Jim Riehl's Friendly Automotive, Inc
Romeo Ford, Inc
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, 54% lower than Serra Buick Gmc Cadillac, LLC's reported 113 employees, and received an average PPP loan of $618,860, 64% lower than this company's loan of $1.7M.
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Footnotes & Information
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