PPP Loan Data — South Shore Motors Corp. DBA Sayville Ford, Sayville, NY
South Shore Motors Corp. DBA Sayville Ford is a subchapter s corporation located at 5686 Sunrise Hwy in Sayville, New York that received a Coronavirus-related PPP loan from the SBA of $1,723,875.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
South Shore Motors Corp. DBA Sayville Ford in Sayville, NY received a Paycheck Protection Loan of $1.72M through Flushing Bank, which was approved in April, 2020.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 83. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
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, South Shore Motors Corp. DBA Sayville Ford's 2019 payroll expenses are estimated to be at least $8.27M (not accounting for salary amounts > $100k).
Because the 69 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Reported PPP Proceed Usage:
On the PPP application, South Shore Motors Corp. DBA Sayville Ford reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,723,875
Business Information - South Shore Motors Corp. DBA Sayville Ford in Sayville, NY
5686 Sunrise Hwy
Sayville, NY 11782
New Car Dealers
NAICS code 441110
Business Owner Demographics
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Sayville
In the Sayville area, 4 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 72 employees (compared to this company's 69) and received an average PPP loan of $1,248,281 (compared to this company's $1.72M).
Similar Nearby Businesses Who Received PPP Funding:
Massapequa Motors LLC
South Shore Motors Corp
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, 25% lower than South Shore Motors Corp. DBA Sayville Ford's reported 69 employees, and received an average PPP loan of $618,860, 64% lower than this company's loan of $1.72M.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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