PPP Loan Data — Kenny Nguyen, Springfield, MA
Entity: Sole Proprietorship
Location: Springfield, MATweet This • Search All PPP Data
Kenny Nguyen is a sole proprietorship located at 1179 State St in Springfield, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $25,300.00 in January, 2021.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Citizens Bank, National Association
Kenny Nguyen in Springfield, MA received a Paycheck Protection Loan of $25,300 through Citizens Bank, National Association, which was approved 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, Kenny Nguyen's 2019 payroll expenses are estimated to be at least $121,440.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $30,360 per employee1
Reported PPP Proceed Usage:
On the PPP application, Kenny Nguyen reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,297
- Utilities: $1
Business Information - Kenny Nguyen in Springfield, MA
1179 State St
Springfield, MA 1109
Drycleaning and Laundry Services (except Coin-Operated)
NAICS code 812320
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Springfield
In the Springfield area, 4 businesses in the "Drycleaning and Laundry Services (except Coin-Operated)" industry received a PPP loan. These local businesses reported an average of 9 employees (compared to this company's 4) and received an average PPP loan of $45,223 (compared to this company's $25,300).
Similar Nearby Businesses Who Received PPP Funding:
Park Cleaners Inc
Kenny Nguyen DBA City Cleaners
Industry PPP Comparison Statistics
Nationwide, 29,150 businesses in the "Drycleaning and Laundry Services (except Coin-Operated)" industry received a total of $1.13B 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 7 employees, 75% higher than Kenny Nguyen's reported 4 employees, and received an average PPP loan of $38,609, 53% higher than this company's loan of $25,300.
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