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PPP Loan Data — Wheatfield Village Motors Inc, Buffalo, NY

SBA PPP loan data, payroll data, and salaries for Wheatfield Village Motors Inc

FRANCHISE

NY

Wheatfield Village Motors Inc

Entity: Subchapter S Corporation

Industry: New Car Dealers

Franchise: Honda Automobile Division - Dealer Sales and Service Agreement

Location: Buffalo, NY

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Wheatfield Village Motors Inc is a subchapter s corporation located at 4891 Transit Rd in Buffalo, New York that received a Coronavirus-related PPP loan from the SBA of $758,140.00 in May, 2021. This business is a Honda Automobile Division - Dealer Sales and Service Agreement franchise.

The company has reported itself as a male owned business, and employed at least 62 people during the applicable loan loan period.

$ PPP Loan Information
Loan #8727178907

Loan Size:

$758,140

Jobs Retained:

62

Loan Approved:

2021-05-12

Loan Status:

Ongoing Loan

Lender:

New York Business Development Corporation

Wheatfield Village Motors Inc in Buffalo, NY received a Paycheck Protection Loan of $758,140 through New York Business Development Corporation, which was approved in May, 2021.

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. The loan's status was last updated by the SBA in November, -0001.

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, Wheatfield Village Motors Inc's 2019 payroll expenses are estimated to be at least $3.64M.

Based on their reported 62 jobs retained, this equals an estimated average yearly compensation of $58,695 per employee1

Reported PPP Proceed Usage:

On the PPP application, Wheatfield Village Motors Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $758,137
  • Utilities: $1

Business Information - Wheatfield Village Motors Inc in Buffalo, NY

Wheatfield Village Motors Inc
4891 Transit Rd
Buffalo, NY 14221

Business Industry:
New Car Dealers
NAICS code 441110

Business Owner Demographics

Race: Unreported

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Erie County, NY — SBA Office 0296 — Congressional District: NY-27

Similar Companies near Buffalo

In the Buffalo area, 14 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 81 employees (compared to this company's 62) and received an average PPP loan of $857,205 (compared to this company's $758,140).

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, 16% lower than Wheatfield Village Motors Inc's reported 62 employees, and received an average PPP loan of $620,298, 18% lower than this company's loan of $758,140.

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/wheatfield-village-motors-inc-buffalo-ny