PPP Loan Data — Halo Nails, Kent, OH
Halo Nails is a sole proprietorship located at 1765 E Main Street in Kent, Ohio that received a Coronavirus-related PPP loan from the SBA of $24,830.00 in June, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:The Huntington National Bank
Halo Nails in Kent, OH received a Paycheck Protection Loan of $24,830 through The Huntington National Bank, which was approved in June, 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, Halo Nails' 2019 payroll expenses are estimated to be at least $119,184.
Based on their reported 6 jobs retained, this equals an estimated average yearly compensation of $19,864 per employee1
Reported PPP Proceed Usage:
On the PPP application, Halo Nails reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,830
Business Information - Halo Nails in Kent, OH
1765 E Main Street
Kent, OH 44240
NAICS code 812113
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Kent
In the Kent area, 11 businesses in the "Nail Salons" industry received a PPP loan. These local businesses reported an average of 3 employees (compared to this company's 6) and received an average PPP loan of $20,260 (compared to this company's $24,830).
Similar Nearby Businesses Who Received PPP Funding:
MAU Don Nguyen
Fancy Nail Of Ohio LLC
Industry PPP Comparison Statistics
Nationwide, 111,177 businesses in the "Nail Salons" industry received a total of $1.68B 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 3 employees, 50% lower than Halo Nails' reported 6 employees, and received an average PPP loan of $15,074, 39% lower than this company's loan of $24,830.
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Footnotes & Information
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