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PPP Loan Data — Jeffrey Prince, Mckinney, TX

ALERT: There are 2 PPP loans for a total of $41,783 in our database for businesses with the name "Jeffrey Prince" in Mckinney, TX. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Jeffrey Prince
TX

Jeffrey Prince

Entity: Sole Proprietorship

Industry: Industrial Process Furnace and Oven Manufacturing

Location: Mckinney, TX

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Jeffrey Prince is a sole proprietorship located in Mckinney, Texas that received a Coronavirus-related PPP loan from the SBA of $16,565.00 in March, 2021.

The company has reported itself as a male owned business, and employed at least one person during the applicable loan loan period.

$ PPP Loan Information
Loan #4979988607

Loan Size:

$16,565

Jobs Retained:

1

Loan Approved:

2021-03-20

Loan Status:

Ongoing Loan

Lender:

JPMorgan Chase Bank, National Association

Jeffrey Prince in Mckinney, TX received a Paycheck Protection Loan of $16,565 through JPMorgan Chase Bank, National Association, which was approved in March, 2021.

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.


PPP Calculation Note: The total PPP loan an eligible business or individual can receive is based on 2.5 times their average monthly 2019 payroll expenses, capped at $100,000 annually per employee.

Reported PPP Proceed Usage:

On the PPP application, Jeffrey Prince reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $16,565

Business Information - Jeffrey Prince in Mckinney, TX

Jeffrey Prince
Mckinney, TX
* Full address is redacted to protect the privacy of individuals.

Business Industry:
Industrial Process Furnace and Oven Manufacturing
NAICS code 333994

Business Owner Demographics

Race: Unreported

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Collin County, TX — SBA Office 0610 — Congressional District: TX-03

Industry PPP Comparison Statistics

Nationwide, 285 businesses in the "Industrial Process Furnace and Oven Manufacturing" industry received a total of $94.29M 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 24 employees, 2300% higher than Jeffrey Prince's reported 1 employees, and received an average PPP loan of $330,835, 1897% higher than this company's loan of $16,565.

SBA PPP loan data, payroll data, and salaries for Jeffrey Prince
TX

Jeffrey Prince

Entity: Sole Proprietorship

Industry: Full-Service Restaurants

Location: Mckinney, TX

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Jeffrey Prince is a sole proprietorship located at 400 Farms Rd in Mckinney, Texas that received a Coronavirus-related PPP loan from the SBA of $25,218.00 in January, 2021.

The company has reported itself as a male owned business, and employed at least six people during the applicable loan loan period.

$ PPP Loan Information
Loan #2889398310

Loan Size:

$25,218

Jobs Retained:

6

Loan Approved:

2021-01-21

Loan Status:

Ongoing Loan

Lender:

Prosperity Bank

Jeffrey Prince in Mckinney, TX received a Paycheck Protection Loan of $25,218 through Prosperity Bank, which was approved in January, 2021.

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.

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, Jeffrey Prince's 2019 payroll expenses are estimated to be at least $121,046.

Based on their reported 6 jobs retained, this equals an estimated average yearly compensation of $20,174 per employee1

Reported PPP Proceed Usage:

On the PPP application, Jeffrey Prince reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $25,215
  • Utilities: $1

Business Information - Jeffrey Prince in Mckinney, TX

Jeffrey Prince
400 Farms Rd
Mckinney, TX 75071

Business Industry:
Full-Service Restaurants
NAICS code 722511

Business Owner Demographics

Race: Unreported

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: N

Rural / Urban: Urban

Collin County, TX — SBA Office 0610 — Congressional District: TX-03

Similar Companies near Mckinney

In the Mckinney area, 107 businesses in the "Full-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 29 employees (compared to this company's 6) and received an average PPP loan of $200,408 (compared to this company's $25,218).

Industry PPP Comparison Statistics

Nationwide, 328,914 businesses in the "Full-Service Restaurants" industry received a total of $42.6B in PPP loans. These businesses account for 3% of total PPP applications submitted, and received 5% of the total PPP funding allocated.

PPP recipients in this industry report an average of 22 employees, 267% higher than Jeffrey Prince's reported 6 employees, and received an average PPP loan of $129,504, 414% higher than this company's loan of $25,218.

FederalPay's PPP Information Policy

Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.

All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.

Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.

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Footnotes & Information

1. Estimations for informational purposes only. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.

2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.


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Source: www.federalpay.org/paycheck-protection-program/jeffrey-prince-mckinney-tx