PPP Loan Data — In Harmony Music LLC, Benicia, CA
In Harmony Music LLC is a limited liability company (LLC) located at 768 Military E in Benicia, California that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:JPMorgan Chase Bank, National Association
In Harmony Music LLC in Benicia, CA received a Paycheck Protection Loan of $25,000 through JPMorgan Chase Bank, National Association, which was approved in May, 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 May, 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, In Harmony Music LLC's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 9 jobs retained, this equals an estimated average yearly compensation of $13,333 per employee1
Reported PPP Proceed Usage:
On the PPP application, In Harmony Music LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $20,000
- Rent: $5,000
Business Information - In Harmony Music LLC in Benicia, CA
768 Military E
Benicia, CA 94510
Fine Arts Schools
NAICS code 611610
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Benicia
In the Benicia area, 7 businesses in the "Fine Arts Schools" industry received a PPP loan. These local businesses reported an average of 4 employees (compared to this company's 9) and received an average PPP loan of $27,345 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Benicia Ballet School, LLC
Farnsworth Dance Academy
Instrumental Music For Children Inc
Industry PPP Comparison Statistics
Nationwide, 15,142 businesses in the "Fine Arts Schools" industry received a total of $529.25M 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 8 employees, 11% lower than In Harmony Music LLC's reported 9 employees, and received an average PPP loan of $34,953, 40% higher than this company's loan of $25,000.
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Footnotes & Information
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