PPP Loan Data — Valley Apple Ford Inc, Saint Paul, MN
Valley Apple Ford Inc is a subchapter s corporation located at 7200 150th Street West in Saint Paul, Minnesota that received a Coronavirus-related PPP loan from the SBA of $3,199,700.00 in April, 2020. This business is a Ford Motor Company Dealer Sales and Service Agreement franchise.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Alerus Financial, National Association
Valley Apple Ford Inc in Saint Paul, MN received a Paycheck Protection Loan of $3.2M through Alerus Financial, National Association, 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 July, 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, Valley Apple Ford Inc's 2019 payroll expenses are estimated to be at least $15.36M.
Based on their reported 262 jobs retained, this equals an estimated average yearly compensation of $58,620 per employee1
Reported PPP Proceed Usage:
On the PPP application, Valley Apple Ford Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,399,850
- Utilities: $399,975
- Rent: $399,875
Business Information - Valley Apple Ford Inc in Saint Paul, MN
7200 150th Street West
Saint Paul, MN 55124
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 Saint Paul
In the Saint Paul area, 2 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 163 employees (compared to this company's 262) and received an average PPP loan of $2,042,689 (compared to this company's $3.2M).
Similar Nearby Businesses Who Received PPP Funding:
Valley Sales Inc
Apple Valley, MN
Industry PPP Comparison Statistics
Nationwide, 19,844 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, 80% lower than Valley Apple Ford Inc's reported 262 employees, and received an average PPP loan of $620,298, 81% lower than this company's loan of $3.2M.
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Footnotes & Information
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