PPP Loan Data — Weeks Automobile Corp, Danbury, CT
Weeks Automobile Corp is a corporation located at 29 Sugar Hollow Rd in Danbury, Connecticut that received a Coronavirus-related PPP loan from the SBA of $2,198,505.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Bank of America, National Association
Weeks Automobile Corp in Danbury, CT received a Paycheck Protection Loan of $2.2M through Bank of America, National Association, 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, Weeks Automobile Corp's 2019 payroll expenses are estimated to be at least $10.55M.
Based on their reported 154 jobs retained, this equals an estimated average yearly compensation of $68,525 per employee1
Reported PPP Proceed Usage:
On the PPP application, Weeks Automobile Corp reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,198,505
Business Information - Weeks Automobile Corp in Danbury, CT
29 Sugar Hollow Rd
Danbury, CT 6810
New Car Dealers
NAICS code 441110
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Danbury
In the Danbury area, 15 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 77 employees (compared to this company's 154) and received an average PPP loan of $1,043,817 (compared to this company's $2.2M).
Similar Nearby Businesses Who Received PPP Funding:
Bruce Becker DBA Bruce Becker
BG Of Danbury, LLC
Danbury Automotive Partners, LLC
Colonial Automobile Co.,
Steamboat Motors, LLC
BEY Auto Inc DBA Colonial Mazda
Danbury Fair Dodge LLC
Danbury Fair Hyundai, LLC
Grand Prix Motors, 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, 66% lower than Weeks Automobile Corp's reported 154 employees, and received an average PPP loan of $618,860, 72% lower than this company's loan of $2.2M.
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Footnotes & Information
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