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PPP Loan Data — Woburn Foreign Motors Inc, Woburn, MA

ALERT: There are 2 PPP loans for a total of $5M in our database for businesses with the name "Woburn Foreign Motors Inc" in Woburn, MA. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Woburn Foreign Motors Inc

FRANCHISE

MA

Woburn Foreign Motors Inc

Entity: Subchapter S Corporation

Industry: New Car Dealers

Franchise: Toyota Motors Sales, U.S.A., Inc. - Dealer Agreement

Location: Woburn, MA

Search All PPP Data

Woburn Foreign Motors Inc is a subchapter s corporation located at 394 Washington St in Woburn, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in April, 2021. This business is a Toyota Motors Sales, U.S.A., Inc. - Dealer Agreement franchise.

The company has reported itself as a male owned business, and employed at least 217 people during the applicable loan loan period.

$ PPP Loan Information
Loan #6134378707

Loan Size:

$2M

Jobs Retained:

217

Loan Approved:

2021-04-03

Loan Status:

Ongoing Loan

Lender:

Rockland Trust Company

Woburn Foreign Motors Inc in Woburn, MA received a Paycheck Protection Loan of $2M through Rockland Trust Company, which was approved in April, 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.

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, Woburn Foreign Motors Inc's 2019 payroll expenses are estimated to be at least $9.6M.

Based on their reported 217 jobs retained, this equals an estimated average yearly compensation of $44,240 per employee1

Reported PPP Proceed Usage:

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

  • Payroll: $1,999,995
  • Utilities: $1
Because the loan received by Woburn Foreign Motors Inc 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 - Woburn Foreign Motors Inc in Woburn, MA

Woburn Foreign Motors Inc
394 Washington St
Woburn, MA 1801

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

Middlesex County, MA — SBA Office 0101 — Congressional District: MA-05

Businesses Using Same Address:

There is one other business that received a PPP loan registered to the same address as Woburn Foreign Motors Inc.

Albrecht Management Corporation
Administrative Management and General Management Consulting Services

$239,022 PPP Loan

Similar Companies near Woburn

In the Woburn area, 5 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 217) and received an average PPP loan of $862,602 (compared to this company's $2M).

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, 76% lower than Woburn Foreign Motors Inc's reported 217 employees, and received an average PPP loan of $620,298, 69% lower than this company's loan of $2M.

SBA PPP loan data, payroll data, and salaries for Woburn Foreign Motors Inc
MA

Woburn Foreign Motors Inc

Entity: Subchapter S Corporation

Industry: Used Car Dealers

Location: Woburn, MA

Search All PPP Data

Woburn Foreign Motors Inc is a subchapter s corporation located at 394 Washington Street in Woburn, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $2,998,755.00 in April, 2020.

$ PPP Loan Information
Loan #9605587008

Loan Size:

$3M

Jobs Retained:

357

Loan Approved:

2020-04-09

Loan Status:

Ongoing Loan

Lender:

Rockland Trust Company

Woburn Foreign Motors Inc in Woburn, MA received a Paycheck Protection Loan of $3M through Rockland Trust Company, 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, Woburn Foreign Motors Inc's 2019 payroll expenses are estimated to be at least $14.39M.

Based on their reported 357 jobs retained, this equals an estimated average yearly compensation of $40,319 per employee1

Reported PPP Proceed Usage:

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

  • Payroll: $2,998,755
Because the loan received by Woburn Foreign Motors Inc 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 - Woburn Foreign Motors Inc in Woburn, MA

Woburn Foreign Motors Inc
394 Washington Street
Woburn, MA 1801

Business Industry:
Used Car Dealers
NAICS code 441120

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

Middlesex County, MA — SBA Office 0101 — Congressional District: MA-05

Similar Companies near Woburn

In the Woburn area, 2 businesses in the "Used Car Dealers" industry received a PPP loan. These local businesses reported an average of 179 employees (compared to this company's 357) and received an average PPP loan of $1,512,478 (compared to this company's $3M).

Similar Nearby Businesses Who Received PPP Funding:

Tracy Batten DBA Tracy's Auto Sales
Woburn, MA

$26,200 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 39,423 businesses in the "Used Car Dealers" industry received a total of $2.16B 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 6 employees, 98% lower than Woburn Foreign Motors Inc's reported 357 employees, and received an average PPP loan of $54,810, 98% lower than this company's loan of $3M.

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.

Search FederalPay's Full PPP Loan Database

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/woburn-foreign-motors-inc-woburn-ma