PPP Loan Data — Sheridan Automotive, Holbrook, MA
Sheridan Automotive is a corporation located at 399 Franklin St in Holbrook, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $47,183.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least seven people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Sheridan Automotive in Holbrook, MA received a Paycheck Protection Loan of $47,183 through Envision 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 May, 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, Sheridan Automotive's 2019 payroll expenses are estimated to be at least $226,478.
Based on their reported 7 jobs retained, this equals an estimated average yearly compensation of $32,354 per employee1
Reported PPP Proceed Usage:
On the PPP application, Sheridan Automotive reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $47,183
Business Information - Sheridan Automotive in Holbrook, MA
399 Franklin St
Holbrook, MA 2343
General Automotive Repair
NAICS code 811111
Business Owner Demographics
Gender: Male Owned
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Holbrook
In the Holbrook area, 15 businesses in the "General Automotive Repair" industry received a PPP loan. These local businesses reported an average of 4 employees (compared to this company's 7) and received an average PPP loan of $34,139 (compared to this company's $47,183).
Similar Nearby Businesses Who Received PPP Funding:
Sheridan Automotive Inc
C & T Motorworks LTD
Revitalize Auto Reconditioning Inc
Pj's Automotive Corporation
O'brien Car Care, Inc
Axion Motorsports Inc
Holbrook Auto Clinic, Inc
Industry PPP Comparison Statistics
Nationwide, 95,091 businesses in the "General Automotive Repair" industry received a total of $3.94B 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 5 employees, 29% lower than Sheridan Automotive's reported 7 employees, and received an average PPP loan of $41,461, 12% lower than this company's loan of $47,183.
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Footnotes & Information
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