PPP Loan Data — GEM City Tools, LLC DBA Dayton Tool Crib, Dayton, OH
GEM City Tools, LLC DBA Dayton Tool Crib is a limited liability company (LLC) located at 3348 Needmore Rd in Dayton, Ohio that received a Coronavirus-related PPP loan from the SBA of $46,500.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least five people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:JPMorgan Chase Bank, National Association
GEM City Tools, LLC DBA Dayton Tool Crib in Dayton, OH received a Paycheck Protection Loan of $46,500 through JPMorgan Chase Bank, National Association, 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 April, 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, GEM City Tools, LLC DBA Dayton Tool Crib's 2019 payroll expenses are estimated to be at least $223,200.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $44,640 per employee1
Reported PPP Proceed Usage:
On the PPP application, GEM City Tools, LLC DBA Dayton Tool Crib reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $32,253
- Utilities: $2,080
- Rent: $4,167
- Health Care: $8,000
Business Information - GEM City Tools, LLC DBA Dayton Tool Crib in Dayton, OH
3348 Needmore Rd
Dayton, OH 45414
NAICS code 444130
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Dayton
In the Dayton area, 2 businesses in the "Hardware Stores" industry received a PPP loan. These local businesses reported an average of 18 employees (compared to this company's 5) and received an average PPP loan of $79,698 (compared to this company's $46,500).
Similar Nearby Businesses Who Received PPP Funding:
Industry PPP Comparison Statistics
Nationwide, 8,816 businesses in the "Hardware Stores" industry received a total of $736.15M 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 13 employees, 160% higher than GEM City Tools, LLC DBA Dayton Tool Crib's reported 5 employees, and received an average PPP loan of $83,502, 80% higher than this company's loan of $46,500.
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Footnotes & Information
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