PPP Loan Data — Groom Service LLC Groom Service Beauty And Dry Bar, Buffalo, NY
Groom Service LLC Groom Service Beauty And Dry Bar is a limited liability company (LLC) located at 391 Washington St in Buffalo, New York that received a Coronavirus-related PPP loan from the SBA of $25,500.00 in January, 2021.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Citizens Bank, National Association
Groom Service LLC Groom Service Beauty And Dry Bar in Buffalo, NY received a Paycheck Protection Loan of $25,500 through Citizens Bank, National Association, which was approved in January, 2021.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.
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, Groom Service LLC Groom Service Beauty And Dry Bar's 2019 payroll expenses are estimated to be at least $122,400.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $30,600 per employee1
Reported PPP Proceed Usage:
On the PPP application, Groom Service LLC Groom Service Beauty And Dry Bar reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,495
- Utilities: $1
Business Information - Groom Service LLC Groom Service Beauty And Dry Bar in Buffalo, NY
391 Washington St
Buffalo, NY 14203
NAICS code 812112
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Buffalo
In the Buffalo area, 36 businesses in the "Beauty Salons" industry received a PPP loan. These local businesses reported an average of 3 employees (compared to this company's 4) and received an average PPP loan of $20,137 (compared to this company's $25,500).
Similar Nearby Businesses Who Received PPP Funding:
Allentown Nail Salon
Groom Service LLC
Capello Salon II, Inc
Antecki Properties LLC
Industry PPP Comparison Statistics
Nationwide, 489,088 businesses in the "Beauty Salons" industry received a total of $9.13B in PPP loans. These businesses account for 4% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 2 employees, 50% lower than Groom Service LLC Groom Service Beauty And Dry Bar's reported 4 employees, and received an average PPP loan of $18,663, 27% lower than this company's loan of $25,500.
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Footnotes & Information
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