PPP Loan Data — Suburban Ford Of Waterford, LLC, Waterford, MI
Suburban Ford Of Waterford, LLC is a limited liability company (LLC) located at 6975 Highland Rd in Waterford, Michigan that received a Coronavirus-related PPP loan from the SBA of $1,632,100.00 in April, 2020. This business is a Ford Motor Company Dealer Sales and Service Agreement franchise.
The company has reported itself as a White male owned business, and employed at least 166 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:The Huntington National Bank
Suburban Ford Of Waterford, LLC in Waterford, MI received a Paycheck Protection Loan of $1.63M 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, Suburban Ford Of Waterford, LLC's 2019 payroll expenses are estimated to be at least $7.83M.
Based on their reported 166 jobs retained, this equals an estimated average yearly compensation of $47,193 per employee1
Reported PPP Proceed Usage:
On the PPP application, Suburban Ford Of Waterford, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,632,100
Business Information - Suburban Ford Of Waterford, LLC in Waterford, MI
6975 Highland Rd
Waterford, MI 48327
New Car Dealers
NAICS code 441110
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Waterford
In the Waterford area, 11 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 62 employees (compared to this company's 166) and received an average PPP loan of $748,140 (compared to this company's $1.63M).
Similar Nearby Businesses Who Received PPP Funding:
Summit Place Motors Inc
Auburn Hills, MI
Szott M-59 Motors, LLC
Joe Lunghamer Chevrolet, Inc
Lunghamer Buick Gmc Inc
Lasco Of Waterford Inc
Oakland Truck And Equipment Sales, Inc
Auburn Hills, MI
Ford Minority Dealers Association
Oak Park, MI
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, 69% lower than Suburban Ford Of Waterford, LLC's reported 166 employees, and received an average PPP loan of $618,860, 62% lower than this company's loan of $1.63M.
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