PPP Loan Data — The Ford Store Morgan Hill, Inc, Morgan Hill, CA
The Ford Store Morgan Hill, Inc is a subchapter s corporation located at 17045 Condit Rd in Morgan Hill, California that received a Coronavirus-related PPP loan from the SBA of $1,710,247.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
The Ford Store Morgan Hill, Inc in Morgan Hill, CA received a Paycheck Protection Loan of $1.71M through Pinnacle 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, The Ford Store Morgan Hill, Inc's 2019 payroll expenses are estimated to be at least $8.21M.
Based on their reported 125 jobs retained, this equals an estimated average yearly compensation of $65,673 per employee1
Reported PPP Proceed Usage:
On the PPP application, The Ford Store Morgan Hill, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,710,247
Business Information - The Ford Store Morgan Hill, Inc in Morgan Hill, CA
17045 Condit Rd
Morgan Hill, CA 95037
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 Morgan Hill
In the Morgan Hill area, 2 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 89 employees (compared to this company's 125) and received an average PPP loan of $1,145,381 (compared to this company's $1.71M).
Similar Nearby Businesses Who Received PPP Funding:
Cappo Management Xlix, LLC
Morgan Hill, CA
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, 58% lower than The Ford Store Morgan Hill, Inc's reported 125 employees, and received an average PPP loan of $618,860, 64% lower than this company's loan of $1.71M.
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Footnotes & Information
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