PPP Loan Data — Go Fitness LLC, Clear Lake Shores, TX
Go Fitness LLC is a corporation located at 1011 N Shore in Clear Lake Shores, Texas that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in May, 2020.
The company has reported itself as a White 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:Wells Fargo Bank, National Association
Go Fitness LLC in Clear Lake Shores, TX received a Paycheck Protection Loan of $25,000 through Wells Fargo Bank, National Association, which was approved in May, 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 June, 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, Go Fitness LLC's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $24,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Go Fitness LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Go Fitness LLC in Clear Lake Shores, TX
1011 N Shore
Clear Lake Shores, TX 77565
Other Individual and Family Services
NAICS code 624190
Business Owner Demographics
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Clear Lake Shores
In the Clear Lake Shores area, 5 businesses in the "Other Individual and Family Services" industry received a PPP loan. These local businesses reported an average of 4 employees (compared to this company's 5) and received an average PPP loan of $42,572 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
True To Life Ministries Inc
Lake Jackson, TX
Family Resource Center Lake Jackson
Lake Jackson, TX
Industry PPP Comparison Statistics
Nationwide, 25,118 businesses in the "Other Individual and Family Services" industry received a total of $2.96B 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 16 employees, 220% higher than Go Fitness LLC's reported 5 employees, and received an average PPP loan of $117,860, 371% higher than this company's loan of $25,000.
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Footnotes & Information
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