PPP Loan Data — Hong Phat LLC, Tacoma, WA
Hong Phat LLC is a subchapter s corporation located at 3815 Yakima Ave in Tacoma, Washington that received a Coronavirus-related PPP loan from the SBA of $24,952.00 in May, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Square Capital, LLC
Hong Phat LLC in Tacoma, WA received a Paycheck Protection Loan of $24,952 through Square Capital, LLC, which was approved in May, 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, Hong Phat LLC's 2019 payroll expenses are estimated to be at least $119,770.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $39,923 per employee1
Reported PPP Proceed Usage:
On the PPP application, Hong Phat LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $18,714
- Utilities: $3,119
- Mortgage Interest: $3,119
Business Information - Hong Phat LLC in Tacoma, WA
3815 Yakima Ave
Tacoma, WA 98418
Tax Preparation Services
NAICS code 541213
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Tacoma
In the Tacoma area, 3 businesses in the "Tax Preparation Services" industry received a PPP loan. These local businesses reported an average of 2 employees (compared to this company's 3) and received an average PPP loan of $14,180 (compared to this company's $24,952).
Similar Nearby Businesses Who Received PPP Funding:
Industry PPP Comparison Statistics
Nationwide, 50,853 businesses in the "Tax Preparation Services" industry received a total of $1.1B 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, the same amount reported by Hong Phat LLC and received an average PPP loan of $21,684, 13% lower than this company's loan of $24,952.
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