PPP Loan Data — GP Village Palm, Grosse Pointe Park, MI
GP Village Palm is a corporation located at 715 Lakepointe St in Grosse Pointe Park, Michigan that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Level One Bank
GP Village Palm in Grosse Pointe Park, MI received a Paycheck Protection Loan of $25,000 through Level One Bank, 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 December, 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, GP Village Palm's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 10 jobs retained, this equals an estimated average yearly compensation of $12,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, GP Village Palm reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - GP Village Palm in Grosse Pointe Park, MI
715 Lakepointe St
Grosse Pointe Park, MI 48230
Family Clothing Stores
NAICS code 448140
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Grosse Pointe Park
In the Grosse Pointe Park area, 2 businesses in the "Family Clothing Stores" industry received a PPP loan. These local businesses reported an average of 6 employees (compared to this company's 10) and received an average PPP loan of $19,544 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Grosse Pointe Park, MI
Industry PPP Comparison Statistics
Nationwide, 15,837 businesses in the "Family Clothing Stores" industry received a total of $516.91M 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 5 employees, 50% lower than GP Village Palm's reported 10 employees, and received an average PPP loan of $32,640, 31% higher than this company's loan of $25,000.
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Footnotes & Information
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