PPP Loan Data — Great Clips, Inc., Bloomington, MN
Great Clips, Inc.
Location: Bloomington, MNTweet This • Search All PPP Data
Great Clips, Inc. is a corporation located at 4400 West 78th Street, Suite 700 in Bloomington, Minnesota that received a Coronavirus-related PPP loan from the SBA of $4,525,087.00 in April, 2020.
$ PPP Loan Information
Lender:JPMORGAN CHASE BANK, NATIONAL ASSOCIATION
Great Clips, Inc. received a Paycheck Protection Loan of $4.53M through JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, which was approved in April, 2020.
The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 98 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.
2019 Payroll Estimations based On PPP Amount:
Assuming all employees were paid over the $100k eligibility cap, the minimum number of employees this company must have had in 2019 to qualify for the loan range received is 217.
Based on standard PPP eligibility rules, Great Clips, Inc.'s total 2019 payroll expenses were approximately $21.72M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.
Because the 98 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Business Information - Great Clips, Inc. in Bloomington, MN
4400 West 78th Street, Suite 700
Bloomington, MN 55435
All Other Professional, Scientific, and Technical Services (NAICS code 541990)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: MN-03
Similar Companies near Bloomington
In the Bloomington area, 19 businesses in the "All Other Professional, Scientific, and Technical Services" industry received a PPP loan. These local businesses reported an average of 35 employees (compared to this company's 98) and received an average PPP loan of $314,336 (compared to this company's $4.53M).
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Industry PPP Comparison Statistics
Nationwide, 63,722 businesses in the "All Other Professional, Scientific, and Technical Services" industry received a total of $4,746,522,934.00 in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 6 employees, 94% lower than Great Clips, Inc.'s reported 98 employees, and received an average PPP loan of $74,488, 98% lower than this company's loan of $4.53M.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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