PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Worldwide Motors LTD, Woodside, NY

ALERT: There are a total of 2 PPP loans in our database for businesses with the name "Worldwide Motors LTD" in Woodside, NY. Reasoning for multiple loans may include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. See the list of loans under this name and additional details below.

SBA PPP loan data, payroll data, and salaries for Worldwide Motors LTD
NY

Worldwide Motors LTD

Entity: Subchapter S Corporation

Industry: New Car Dealers

Location: Woodside, NY

Search All PPP Data

Worldwide Motors LTD is a subchapter s corporation located at 57-02 Northern Blvd in Woodside, New York that received a Coronavirus-related PPP loan from the SBA of $4,220,292.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$4.22M
Likely Employment Reduction3

Jobs Retained:

123

Loan Approved:

2020-04-15

Lender:

MANUFACTURERS AND TRADERS TRUST COMPANY

Worldwide Motors LTD in Woodside, NY received a Paycheck Protection Loan of $4.22M through MANUFACTURERS AND TRADERS TRUST COMPANY, which was approved in April, 2020.

The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 123 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.

2019 Payroll Estimations based On PPP Amount:

Assuming all employees were paid over the $100k eligibility cap, the minimum number of employees this company must have had in 2019 to qualify for the loan range received is 203.

Based on standard PPP eligibility rules, Worldwide Motors LTD's total 2019 payroll expenses were approximately $20.26M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.

Because the 123 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.

Because the loan received by Worldwide Motors LTD 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 - Worldwide Motors LTD in Woodside, NY

Worldwide Motors LTD
57-02 Northern Blvd
Woodside, NY 11377

Business Industry

New Car Dealers (NAICS code 441110)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: NY-14

Similar Companies near Woodside

In the Woodside area, 6 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 58 employees (compared to this company's 123) and received an average PPP loan of $1,421,496 (compared to this company's $4.22M).

Industry PPP Comparison Statistics

Nationwide, 16,570 businesses in the "New Car Dealers" industry received a total of $10,869,996,969.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 2% of the total PPP funding allocated.

PPP recipients in this industry report an average of 47 employees, 62% lower than Worldwide Motors LTD's reported 123 employees, and received an average PPP loan of $656,005, 84% lower than this company's loan of $4.22M.

SBA PPP loan data, payroll data, and salaries for Worldwide Motors LTD
NY

Worldwide Motors LTD

Entity: Subchapter S Corporation

Industry: New Car Dealers

Location: Woodside, NY

Search All PPP Data

Worldwide Motors LTD is a subchapter s corporation located at 57-02 Northern Blvd in Woodside, New York that received a Coronavirus-related PPP loan from the SBA of $1,636,112.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$1.64M

Jobs Retained:

123

Loan Approved:

2020-04-27

Lender:

MANUFACTURERS AND TRADERS TRUST COMPANY

Worldwide Motors LTD in Woodside, NY received a Paycheck Protection Loan of $1.64M through MANUFACTURERS AND TRADERS TRUST COMPANY, which was approved in April, 2020.

Based on standard PPP eligibility rules, Worldwide Motors LTD's total 2019 payroll expenses were approximately $7.85M in order to qualify for the PPP loan amount received.

Based on their reported 123 jobs retained, this equals an estimated average yearly compensation of $63,848 per employee1.

Business Information - Worldwide Motors LTD in Woodside, NY

Worldwide Motors LTD
57-02 Northern Blvd
Woodside, NY 11377

Business Industry

New Car Dealers (NAICS code 441110)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: NY-14

Similar Companies near Woodside

In the Woodside area, 6 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 58 employees (compared to this company's 123) and received an average PPP loan of $1,421,496 (compared to this company's $1.64M).

Industry PPP Comparison Statistics

Nationwide, 16,570 businesses in the "New Car Dealers" industry received a total of $10,869,996,969.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 2% of the total PPP funding allocated.

PPP recipients in this industry report an average of 47 employees, 62% lower than Worldwide Motors LTD's reported 123 employees, and received an average PPP loan of $656,005, 60% lower than this company's loan of $1.64M.

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, and is published unmodified, as provided by the SBA.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. 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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/worldwide-motors-ltd-woodside-ny