PPP Loan Data — Image Maker Beauty Institute, Hendersonville, TN
Image Maker Beauty Institute is a corporation located at 139 Maple Row Blvd, Suite 208 in Hendersonville, Tennessee that received a Coronavirus-related PPP loan from the SBA of $47,105.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Sumner Bank & Trust
Image Maker Beauty Institute in Hendersonville, TN received a Paycheck Protection Loan of $47,105 through Sumner Bank & Trust, which was approved in April, 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 February, 2021.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.Read More
Understanding Payroll Estimates Based On PPP Amount
Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.Read More
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, Image Maker Beauty Institute's 2019 payroll expenses are estimated to be at least $226,104.
Based on their reported 8 jobs retained, this equals an estimated average yearly compensation of $28,263 per employee1
Reported PPP Proceed Usage:
On the PPP application, Image Maker Beauty Institute reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $47,105
Business Information - Image Maker Beauty Institute in Hendersonville, TN
139 Maple Row Blvd, Suite 208
Hendersonville, TN 37075
Cosmetology and Barber Schools
NAICS code 611511
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Hendersonville
In the Hendersonville area, 5 businesses in the "Cosmetology and Barber Schools" industry received a PPP loan. These local businesses reported an average of 2 employees (compared to this company's 8) and received an average PPP loan of $18,112 (compared to this company's $47,105).
Similar Nearby Businesses Who Received PPP Funding:
Jennifer Grainger DBA Jennifer Grainger
Ruth Ann Kacprowski
Industry PPP Comparison Statistics
Nationwide, 15,613 businesses in the "Cosmetology and Barber Schools" industry received a total of $379.42M 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, 63% lower than Image Maker Beauty Institute's reported 8 employees, and received an average PPP loan of $24,302, 48% lower than this company's loan of $47,105.
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Footnotes & Information
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