PPP Loan Data — Gene M Forbes Enterprises Inc, Tazewell, VA
Gene M Forbes Enterprises Inc is a corporation located at 120 Mcdonalds St in Tazewell, Virginia that received a Coronavirus-related PPP loan from the SBA of $1,812,100.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Summit Community Bank, Inc.
Gene M Forbes Enterprises Inc in Tazewell, VA received a Paycheck Protection Loan of $1.81M through Summit Community Bank, Inc., 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, Gene M Forbes Enterprises Inc's 2019 payroll expenses are estimated to be at least $8.7M.
Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $17,396 per employee1
Reported PPP Proceed Usage:
On the PPP application, Gene M Forbes Enterprises Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,450,000
- Utilities: $100,000
- Mortgage Interest: $262,100
Business Information - Gene M Forbes Enterprises Inc in Tazewell, VA
120 Mcdonalds St
Tazewell, VA 24651
NAICS code 722513
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Rural
Industry PPP Comparison Statistics
Nationwide, 137,629 businesses in the "Limited-Service Restaurants" industry received a total of $13.9B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 2% of the total PPP funding allocated.
PPP recipients in this industry report an average of 21 employees, 96% lower than Gene M Forbes Enterprises Inc's reported 500 employees, and received an average PPP loan of $100,980, 94% lower than this company's loan of $1.81M.
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Footnotes & Information
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