PPP Loan Data — Tom Masano, Inc, Reading, PA
Tom Masano, Inc is a corporation located at 815 Lancaster Avenue in Reading, Pennsylvania that received a Coronavirus-related PPP loan from the SBA of $1,539,658.00 in April, 2020. This business is a Mercedes-Benz - Passenger Car Dealer Agreement franchise.
The company has reported itself as a male owned business, and employed at least 135 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Tom Masano, Inc in Reading, PA received a Paycheck Protection Loan of $1.54M through Customers 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, Tom Masano, Inc's 2019 payroll expenses are estimated to be at least $7.39M.
Based on their reported 135 jobs retained, this equals an estimated average yearly compensation of $54,743 per employee1
Reported PPP Proceed Usage:
On the PPP application, Tom Masano, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,539,658
Business Information - Tom Masano, Inc in Reading, PA
815 Lancaster Avenue
Reading, PA 19607
New Car Dealers
NAICS code 441110
Business Owner Demographics
Gender: Male Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Reading
In the Reading area, 12 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 73 employees (compared to this company's 135) and received an average PPP loan of $878,879 (compared to this company's $1.54M).
Similar Nearby Businesses Who Received PPP Funding:
Penn Diagnostic Center Inc
Performance Motors, Inc
Tom Masano Premium Imports, Inc
Penske Buick Gmc Trucks Inc
Tom Masano Ford, Inc
Piazza Of Reading Inc
Seidel Hyundai, Inc
Reading Auto Sales 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, 61% lower than Tom Masano, Inc's reported 135 employees, and received an average PPP loan of $618,860, 60% lower than this company's loan of $1.54M.
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Footnotes & Information
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