PPP Loan Data — Kevin Le Lai, Saginaw, MI
Kevin Le Lai is a sole proprietorship located at 4899 Fashion Square Mall in Saginaw, Michigan that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in August, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Fifth Third Bank
Kevin Le Lai in Saginaw, MI received a Paycheck Protection Loan of $25,000 through Fifth Third Bank, which was approved in August, 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, Kevin Le Lai's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $40,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Kevin Le Lai reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Kevin Le Lai in Saginaw, MI
4899 Fashion Square Mall
Saginaw, MI 48604
NAICS code 812113
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Saginaw
In the Saginaw area, 15 businesses in the "Nail Salons" industry received a PPP loan. These local businesses reported an average of 1 employees (compared to this company's 3) and received an average PPP loan of $12,498 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Jada Alexis Jackson
Lovely Nails II
Industry PPP Comparison Statistics
Nationwide, 111,177 businesses in the "Nail Salons" industry received a total of $1.68B 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 3 employees, the same amount reported by Kevin Le Lai and received an average PPP loan of $15,074, 40% lower than this company's loan of $25,000.
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Footnotes & Information
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