PPP Loan Data — In The City Beauty Supply &Salon, LLC, Murrieta, CA
In The City Beauty Supply &Salon, LLC is a limited liability company (LLC) located at 26305 Jefferson Ave K in Murrieta, California that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in May, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Bank of America, National Association
In The City Beauty Supply &Salon, LLC in Murrieta, CA received a Paycheck Protection Loan of $25,000 through Bank of America, National Association, 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, In The City Beauty Supply &Salon, LLC's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 8 jobs retained, this equals an estimated average yearly compensation of $15,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, In The City Beauty Supply &Salon, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - In The City Beauty Supply &Salon, LLC in Murrieta, CA
26305 Jefferson Ave K
Murrieta, CA 92562
NAICS code 812112
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Murrieta
In the Murrieta area, 127 businesses in the "Beauty Salons" industry received a PPP loan. These local businesses reported an average of 5 employees (compared to this company's 8) and received an average PPP loan of $38,307 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Cali Couture Hair & Beauty
Murrieta Day Spa Inc
Hair Brows & Beyond LLC
The Beauty Artisan & Co
Industry PPP Comparison Statistics
Nationwide, 489,088 businesses in the "Beauty Salons" industry received a total of $9.13B in PPP loans. These businesses account for 4% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 2 employees, 75% lower than In The City Beauty Supply &Salon, LLC's reported 8 employees, and received an average PPP loan of $18,663, 25% lower than this company's loan of $25,000.
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Footnotes & Information
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