PPP Loan Data — Elite Design Group LLC, Mint Hill, NC
Elite Design Group LLC is a limited liability company (LLC) located at 7319 Matthews Mint Hill Rd Ste E in Mint Hill, North Carolina that received a Coronavirus-related PPP loan from the SBA of $24,900.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:First-Citizens Bank & Trust Company
Elite Design Group LLC in Mint Hill, NC received a Paycheck Protection Loan of $24,900 through First-Citizens Bank & Trust Company, which was approved in April, 2020.
This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in June, 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, Elite Design Group LLC's 2019 payroll expenses are estimated to be at least $119,520.
Based on their reported 12 jobs retained, this equals an estimated average yearly compensation of $9,960 per employee1
Reported PPP Proceed Usage:
On the PPP application, Elite Design Group LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,900
Business Information - Elite Design Group LLC in Mint Hill, NC
7319 Matthews Mint Hill Rd Ste E
Mint Hill, NC 28227
NAICS code 541310
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Mint Hill
In the Mint Hill area, 7 businesses in the "Architectural Services" industry received a PPP loan. These local businesses reported an average of 5 employees (compared to this company's 12) and received an average PPP loan of $44,290 (compared to this company's $24,900).
Similar Nearby Businesses Who Received PPP Funding:
Creative Concepts And Design, Inc
Bliss Design Build Inc
Adams Group Architects PA
Building Graphics, Inc
Industry PPP Comparison Statistics
Nationwide, 29,037 businesses in the "Architectural Services" industry received a total of $3.76B 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 8 employees, 33% lower than Elite Design Group LLC's reported 12 employees, and received an average PPP loan of $129,489, 420% higher than this company's loan of $24,900.
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Footnotes & Information
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