PPP Loan Data — Faces Enterprises Towson Limited, Towson, MD
Faces Enterprises Towson Limited is a subchapter s corporation located at 110 West Rd in Towson, Maryland that received a Coronavirus-related PPP loan from the SBA of $2,505,300.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:PNC Bank, National Association
Faces Enterprises Towson Limited in Towson, MD received a Paycheck Protection Loan of $2.51M through PNC Bank, National Association, which was approved in April, 2020.
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
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, Faces Enterprises Towson Limited's 2019 payroll expenses are estimated to be at least $12.03M.
Based on their reported 374 jobs retained, this equals an estimated average yearly compensation of $32,154 per employee1
Reported PPP Proceed Usage:
On the PPP application, Faces Enterprises Towson Limited reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,505,300
Business Information - Faces Enterprises Towson Limited in Towson, MD
110 West Rd
Towson, MD 21204
NAICS code 812112
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Towson
In the Towson area, 48 businesses in the "Beauty Salons" industry received a PPP loan. These local businesses reported an average of 10 employees (compared to this company's 374) and received an average PPP loan of $70,807 (compared to this company's $2.51M).
Similar Nearby Businesses Who Received PPP Funding:
Manuel Simo Perdomo
Claritza Ramos De Fermin
KJO 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, 99% lower than Faces Enterprises Towson Limited's reported 374 employees, and received an average PPP loan of $18,663, 99% lower than this company's loan of $2.51M.
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Footnotes & Information
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