PPP Loan Data — Village Car Company, Bangor, ME
Village Car Company is a corporation located at 293 Hogan Rd in Bangor, Maine that received a Coronavirus-related PPP loan from the SBA of $1,824,600.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Camden National Bank
Village Car Company in Bangor, ME received a Paycheck Protection Loan of $1.82M through Camden 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, Village Car Company's 2019 payroll expenses are estimated to be at least $8.76M.
Based on their reported 149 jobs retained, this equals an estimated average yearly compensation of $58,779 per employee1
Reported PPP Proceed Usage:
On the PPP application, Village Car Company reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,824,600
Business Information - Village Car Company in Bangor, ME
293 Hogan Rd
Bangor, ME 4401
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: Rural
Similar Companies near Bangor
In the Bangor area, 12 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 57 employees (compared to this company's 149) and received an average PPP loan of $672,910 (compared to this company's $1.82M).
Similar Nearby Businesses Who Received PPP Funding:
Prays Auto Sales Inc
Belfast Motor Co
Quirk Auto Parts Inc
Quirk Acquisition Co
Bangor Motor Sports
Whited Ford Truck Center 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, 65% lower than Village Car Company's reported 149 employees, and received an average PPP loan of $618,860, 66% lower than this company's loan of $1.82M.
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Footnotes & Information
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