PPP Loan Data — Homer's LLC, Morganton, NC
Entity: Limited Liability Company (LLC)
Location: Morganton, NCTweet This • Search All PPP Data
Homer's LLC is a limited liability company (LLC) located at 113 East Union Street in Morganton, North Carolina that received a Coronavirus-related PPP loan from the SBA of $25,100.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Truist Bank d/b/a Branch Banking & Trust Co
Homer's LLC in Morganton, NC received a Paycheck Protection Loan of $25,100 through Truist Bank d/b/a Branch Banking & Trust Co, which was approved in April, 2020.
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, Homer's LLC's 2019 payroll expenses are estimated to be at least $120,480.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $24,096 per employee1
Reported PPP Proceed Usage:
On the PPP application, Homer's LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,100
Business Information - Homer's LLC in Morganton, NC
113 East Union Street
Morganton, NC 28655
All Other Miscellaneous Store Retailers (except Tobacco Stores)
NAICS code 453998
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Morganton
In the Morganton area, 8 businesses in the "All Other Miscellaneous Store Retailers (except Tobacco Stores)" industry received a PPP loan. These local businesses reported an average of 2 employees (compared to this company's 5) and received an average PPP loan of $12,719 (compared to this company's $25,100).
Similar Nearby Businesses Who Received PPP Funding:
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MAI Tong Lee DBA Emelli's
The Cackling Banshee
Industry PPP Comparison Statistics
Nationwide, 152,436 businesses in the "All Other Miscellaneous Store Retailers (except Tobacco Stores)" industry received a total of $5.23B 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 4 employees, 20% lower than Homer's LLC's reported 5 employees, and received an average PPP loan of $34,329, 37% higher than this company's loan of $25,100.
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