PPP Loan Data — Color Splash Hair Studio LLC, Chesapeake, VA
Color Splash Hair Studio LLC is a corporation located at 920 Battlefield Blvd S Ste 104 in Chesapeake, Virginia that received a Coronavirus-related PPP loan from the SBA of $25,450.00 in January, 2021.
PPP Loan Information
Loan Status:Ongoing Loan
Color Splash Hair Studio LLC in Chesapeake, VA received a Paycheck Protection Loan of $25,450 through Navy FCU, which was approved in January, 2021.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
Understanding Payroll Estimates Based On PPP Amount
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, Color Splash Hair Studio LLC's 2019 payroll expenses are estimated to be at least $122,160.
Based on their reported 7 jobs retained, this equals an estimated average yearly compensation of $17,451 per employee1
Reported PPP Proceed Usage:
On the PPP application, Color Splash Hair Studio LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,448
- Utilities: $1
Business Information - Color Splash Hair Studio LLC in Chesapeake, VA
920 Battlefield Blvd S Ste 104
Chesapeake, VA 23322
NAICS code 812112
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Chesapeake
In the Chesapeake area, 106 businesses in the "Beauty Salons" industry received a PPP loan. These local businesses reported an average of 3 employees (compared to this company's 7) and received an average PPP loan of $19,607 (compared to this company's $25,450).
Similar Nearby Businesses Who Received PPP Funding:
Trinity Salon Inc
Hair By Dina LLC
Coastal Roots Hair Salon LLC
Industry PPP Comparison Statistics
Nationwide, 489,088 businesses in the "Beauty Salons" industry received a total of $9.13B in PPP loans. These businesses account for 4% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 2 employees, 71% lower than Color Splash Hair Studio LLC's reported 7 employees, and received an average PPP loan of $18,663, 27% lower than this company's loan of $25,450.
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Footnotes & Information
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