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PPP Loan Data — 1 Pink Nail Spa Inc, Brooklyn, NY

SBA PPP loan data, payroll data, and salaries for 1 Pink Nail Spa Inc
NY

1 Pink Nail Spa Inc

Entity: Corporation

Industry: All Other Personal Services

Location: Brooklyn, NY

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1 Pink Nail Spa Inc is a corporation located at 1103 Liberty Ave in Brooklyn, New York that received a Coronavirus-related PPP loan from the SBA of $9,305.00 in February, 2021.

The company has reported itself as an Asian female owned business, and employed at least five people during the applicable loan loan period.

$ PPP Loan Information
Loan #2780878504

Loan Size:

$9,305

Jobs Retained:

5

Loan Approved:

2021-02-22

Loan Status:

Ongoing Loan

Lender:

Cross River Bank

1 Pink Nail Spa Inc in Brooklyn, NY received a Paycheck Protection Loan of $9,305 through Cross River Bank, which was approved in February, 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, 1 Pink Nail Spa Inc's 2019 payroll expenses are estimated to be at least $44,664.

Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $8,933 per employee1

Reported PPP Proceed Usage:

On the PPP application, 1 Pink Nail Spa Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $9,305

Business Information - 1 Pink Nail Spa Inc in Brooklyn, NY

1 Pink Nail Spa Inc
1103 Liberty Ave
Brooklyn, NY 11208

Business Industry:
All Other Personal Services
NAICS code 812990

Business Owner Demographics

Race: Asian

Ethnicity: Not Hispanic or Latino

Gender: Female Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

Kings County, NY — SBA Office 0202 — Congressional District: NY-08

Similar Companies near Brooklyn

In the Brooklyn area, 381 businesses in the "All Other Personal Services" industry received a PPP loan. These local businesses reported an average of 2 employees (compared to this company's 5) and received an average PPP loan of $22,181 (compared to this company's $9,305).

Industry PPP Comparison Statistics

Nationwide, 237,729 businesses in the "All Other Personal Services" industry received a total of $5.63B in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 1% of the total PPP funding allocated.

PPP recipients in this industry report an average of 3 employees, 40% lower than 1 Pink Nail Spa Inc's reported 5 employees, and received an average PPP loan of $23,676, 154% higher than this company's loan of $9,305.

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/1-pink-nail-spa-inc-brooklyn-ny