PPP Loan Data — Forty-Niner Shops, Inc, Long Beach, CA
Forty-Niner Shops, Inc is a non-profit organization located at 6049 E 7th St in Long Beach, California that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:City National Bank
Forty-Niner Shops, Inc in Long Beach, CA received a Paycheck Protection Loan of $2M through City National Bank, which was approved in April, 2020.
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, Forty-Niner Shops, Inc's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 98 jobs retained, this equals an estimated average yearly compensation of $97,959 per employee1
Reported PPP Proceed Usage:
On the PPP application, Forty-Niner Shops, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,371,400
- Utilities: $60,000
- Rent: $30,000
- Health Care: $400,000
- Debt Interest: $138,600
Business Information - Forty-Niner Shops, Inc in Long Beach, CA
6049 E 7th St
Long Beach, CA 90840
NAICS code 451211
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Long Beach
In the Long Beach area, 2 businesses in the "Book Stores" industry received a PPP loan. These local businesses reported an average of 119 employees (compared to this company's 98) and received an average PPP loan of $2,000,000 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Long Beach, CA
Industry PPP Comparison Statistics
Nationwide, 3,922 businesses in the "Book Stores" industry received a total of $202.49M 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 9 employees, 91% lower than Forty-Niner Shops, Inc's reported 98 employees, and received an average PPP loan of $51,630, 97% lower than this company's loan of $2M.
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Footnotes & Information
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