PPP Loan Data — Envela Corporation, Dallas, TX
Envela Corporation is a subchapter s corporation located at 13022 Preston Rd in Dallas, Texas that received a Coronavirus-related PPP loan from the SBA of $1,668,200.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Truist Bank d/b/a Branch Banking & Trust Co
Envela Corporation in Dallas, TX received a Paycheck Protection Loan of $1.67M through Truist Bank d/b/a Branch Banking & Trust Co, 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 May, 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, Envela Corporation's 2019 payroll expenses are estimated to be at least $8.01M.
Based on their reported 157 jobs retained, this equals an estimated average yearly compensation of $51,002 per employee1
Reported PPP Proceed Usage:
On the PPP application, Envela Corporation reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,668,200
Business Information - Envela Corporation in Dallas, TX
13022 Preston Rd
Dallas, TX 75240
NAICS code 448310
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Dallas
In the Dallas area, 12 businesses in the "Jewelry Stores" industry received a PPP loan. These local businesses reported an average of 15 employees (compared to this company's 157) and received an average PPP loan of $158,720 (compared to this company's $1.67M).
Similar Nearby Businesses Who Received PPP Funding:
Trustar Diamonds Inc
Jewelry Fit For A Queen
Kebri Allen Dennis
Roy's Engraving LLC
Pratiksha Jewelry, LLC
Industry PPP Comparison Statistics
Nationwide, 22,187 businesses in the "Jewelry Stores" industry received a total of $956.02M 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 5 employees, 97% lower than Envela Corporation's reported 157 employees, and received an average PPP loan of $43,089, 97% lower than this company's loan of $1.67M.
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Footnotes & Information
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