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PPP Loan Data — Tony Gullo Motors, I LP, Conroe, TX

SBA PPP loan data, payroll data, and salaries for Tony Gullo Motors, I LP

FRANCHISE

TX

Tony Gullo Motors, I LP

Entity: Partnership

Industry: New Car Dealers

Franchise: Gulf States Toyota, Inc. - Toyota Dealer Agreement

Location: Conroe, TX

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Tony Gullo Motors, I LP is a partnership located at 500 Interstate 45 South in Conroe, Texas that received a Coronavirus-related PPP loan from the SBA of $2,048,200.00 in April, 2020. This business is a Gulf States Toyota, Inc. - Toyota Dealer Agreement franchise.

$ PPP Loan Information
Loan #2067587106

Loan Size:

$2.05M

Jobs Retained:

160

Loan Approved:

2020-04-10

Loan Status:

Ongoing Loan

Lender:

Woodforest National Bank

Tony Gullo Motors, I LP in Conroe, TX received a Paycheck Protection Loan of $2.05M through Woodforest National Bank, which was approved in April, 2020.

This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

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, Tony Gullo Motors, I LP's 2019 payroll expenses are estimated to be at least $9.83M.

Based on their reported 160 jobs retained, this equals an estimated average yearly compensation of $61,446 per employee1

Reported PPP Proceed Usage:

On the PPP application, Tony Gullo Motors, I LP reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $2,048,200
Because the loan received by Tony Gullo Motors, I LP is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Tony Gullo Motors, I LP in Conroe, TX

Tony Gullo Motors, I LP
500 Interstate 45 South
Conroe, TX 77304

Business Industry:
New Car Dealers
NAICS code 441110

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Montgomery County, TX — SBA Office 0671 — Congressional District: TX-08

Similar Companies near Conroe

In the Conroe area, 5 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 114 employees (compared to this company's 160) and received an average PPP loan of $1,395,194 (compared to this company's $2.05M).

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, 68% lower than Tony Gullo Motors, I LP's reported 160 employees, and received an average PPP loan of $618,860, 70% lower than this company's loan of $2.05M.

FederalPay's PPP Information Policy

Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.

All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.

Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.

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Footnotes & Information

1. Estimations for informational purposes only. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.

2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.


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Source: www.federalpay.org/paycheck-protection-program/tony-gullo-motors-i-lp-conroe-tx