CN AUTOMOTIVE COMPANY LLC
PPP Loan approved Apr 9, 2020 through Burke and Herbert Bank and Trust Company
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $1,155,700.00 | 80.0% |
| Utilities | $89,000.00 | 6.2% |
| Mortgage Interest | $200,000.00 | 13.8% |
About This Loan
CN AUTOMOTIVE COMPANY LLC received a PPP loan of $1,444,700 approved on Apr 9, 2020. The loan was originated by Burke and Herbert Bank and Trust Company.
CN AUTOMOTIVE COMPANY LLC is a limited liability company(llc) located in BLUEFIELD, West Virginia. At the time of the application, the business was described as "existing or more than 2 years old".
The business operates in the Automobile Dealers industry (NAICS 441110), part of the Retail Trade sector of the economy. The applicant reported 139 jobs as retained through this loan.
The SBA forgave $1,457,702.30 of this loan — 100.9% of the total approved amount, with forgiveness recorded on Mar 8, 2021. This means the borrower was not required to repay this portion, having satisfied the PPP's eligibility criteria for forgiveness, including maintaining payroll levels and using the funds for qualified expenses.
According to the SBA's records, the proceeds of this loan were allocated as follows: $1,155,700 to payroll, $89,000 to utilities, $200,000 to mortgage interest. The payroll component represents 80.0% of disclosed proceeds, consistent with the program's requirement that at least 60% of loan funds be used for payroll costs to qualify for full forgiveness.
This loan is one of millions approved nationwide during the COVID-19 pandemic. To explore other recipients in West Virginia, visit the West Virginia page. To compare this loan with others in the same industry, see the Automobile Dealers industry page.