PPP Loan Data — Hughey Dental Inc, Gallatin, TN
Hughey Dental Inc is a corporation located at 156 Grindstone Dr in Gallatin, Tennessee that received a Coronavirus-related PPP loan from the SBA of $46,868.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Hughey Dental Inc in Gallatin, TN received a Paycheck Protection Loan of $46,868 through Pinnacle Bank, 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.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 1 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.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 2. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
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, Hughey Dental Inc's 2019 payroll expenses are estimated to be at least $224,966 (not accounting for salary amounts > $100k).
Because the 1 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Reported PPP Proceed Usage:
On the PPP application, Hughey Dental Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,868
Business Information - Hughey Dental Inc in Gallatin, TN
156 Grindstone Dr
Gallatin, TN 37066
Offices of Dentists
NAICS code 621210
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Gallatin
In the Gallatin area, 64 businesses in the "Offices of Dentists" industry received a PPP loan. These local businesses reported an average of 7 employees (compared to this company's 1) and received an average PPP loan of $74,179 (compared to this company's $46,868).
Similar Nearby Businesses Who Received PPP Funding:
Rippy Family Dentistry PLLC
Smiles By Samantha PC
Angela Simpson, DDS, PLLC
Smile Connections Family Dental LLC
DR. Morton D. Thomas & Associates, PC
Coyne Oral Surgery, PLLC
M. Tate Eble DDS PLLC
Premier Dental Care LLC
Yost Dental Group, PLLC
Industry PPP Comparison Statistics
Nationwide, 173,521 businesses in the "Offices of Dentists" industry received a total of $14B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 2% of the total PPP funding allocated.
PPP recipients in this industry report an average of 8 employees, 700% higher than Hughey Dental Inc's reported 1 employees, and received an average PPP loan of $80,703, 72% higher than this company's loan of $46,868.
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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