PPP Loan Data — George's Sauces LLC, Nashville, NC
George's Sauces LLC is a limited liability company (LLC) located at 1173 Womble Rd in Nashville, North Carolina that received a Coronavirus-related PPP loan from the SBA of $46,215.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Southern Bank and Trust Company
George's Sauces LLC in Nashville, NC received a Paycheck Protection Loan of $46,215 through Southern Bank and Trust Company, 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, George's Sauces LLC's 2019 payroll expenses are estimated to be at least $221,832.
Based on their reported 6 jobs retained, this equals an estimated average yearly compensation of $36,972 per employee1
Reported PPP Proceed Usage:
On the PPP application, George's Sauces LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,215
Business Information - George's Sauces LLC in Nashville, NC
1173 Womble Rd
Nashville, NC 27856
All Other Miscellaneous Food Manufacturing
NAICS code 311999
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Industry PPP Comparison Statistics
Nationwide, 4,790 businesses in the "All Other Miscellaneous Food Manufacturing" industry received a total of $554.13M 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, 117% higher than George's Sauces LLC's reported 6 employees, and received an average PPP loan of $115,685, 150% higher than this company's loan of $46,215.
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Footnotes & Information
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