PPP Loan Data — Jones Party Magic Inc, Franklin, PA
Jones Party Magic Inc is a corporation located at 3830 Us 322 in Franklin, Pennsylvania that received a Coronavirus-related PPP loan from the SBA of $25,452.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Woodforest National Bank
Jones Party Magic Inc in Franklin, PA received a Paycheck Protection Loan of $25,452 through Woodforest National Bank, 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 January, 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, Jones Party Magic Inc's 2019 payroll expenses are estimated to be at least $122,170.
Based on their reported 6 jobs retained, this equals an estimated average yearly compensation of $20,362 per employee1
Reported PPP Proceed Usage:
On the PPP application, Jones Party Magic Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,452
Business Information - Jones Party Magic Inc in Franklin, PA
3830 Us 322
Franklin, PA 16323
All Other Consumer Goods Rental
NAICS code 532289
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Franklin
In the Franklin area, 2 businesses in the "All Other Consumer Goods Rental" industry received a PPP loan. These local businesses reported an average of 4 employees (compared to this company's 6) and received an average PPP loan of $21,780 (compared to this company's $25,452).
Similar Nearby Businesses Who Received PPP Funding:
Industry PPP Comparison Statistics
Nationwide, 5,448 businesses in the "All Other Consumer Goods Rental" industry received a total of $379.38M 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, 33% higher than Jones Party Magic Inc's reported 6 employees, and received an average PPP loan of $69,637, 174% higher than this company's loan of $25,452.
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