PPP Loan Data — Free Spirit Beauty Co, Ogden, UT
Free Spirit Beauty Co is a corporation located at 298 24th St in Ogden, Utah that received a Coronavirus-related PPP loan from the SBA of $25,200.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:America First FCU
Free Spirit Beauty Co in Ogden, UT received a Paycheck Protection Loan of $25,200 through America First FCU, 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, Free Spirit Beauty Co's 2019 payroll expenses are estimated to be at least $120,960.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $60,480 per employee1
Reported PPP Proceed Usage:
On the PPP application, Free Spirit Beauty Co reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,200
Business Information - Free Spirit Beauty Co in Ogden, UT
298 24th St
Ogden, UT 84401
NAICS code 812112
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Ogden
In the Ogden area, 29 businesses in the "Beauty Salons" industry received a PPP loan. These local businesses reported an average of 3 employees (compared to this company's 2) and received an average PPP loan of $13,167 (compared to this company's $25,200).
Similar Nearby Businesses Who Received PPP Funding:
Brooke Bergman Beauty
West Haven, UT
Short Hair By Shawni LLC
Sargents Hair Fashion
West Haven, UT
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, the same amount reported by Free Spirit Beauty Co and received an average PPP loan of $18,663, 26% lower than this company's loan of $25,200.
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