PPP Loan Data — Larry's Appliance, Grand Island, NE
Larry's Appliance is a sole proprietorship located at 518 W 3rd St in Grand Island, Nebraska that received a Coronavirus-related PPP loan from the SBA of $25,400.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least three people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Five Points Bank
Larry's Appliance in Grand Island, NE received a Paycheck Protection Loan of $25,400 through Five Points 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 December, 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, Larry's Appliance's 2019 payroll expenses are estimated to be at least $121,920.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $40,640 per employee1
Reported PPP Proceed Usage:
On the PPP application, Larry's Appliance reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,400
Business Information - Larry's Appliance in Grand Island, NE
518 W 3rd St
Grand Island, NE 68801
Appliance Repair and Maintenance
NAICS code 811412
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Grand Island
In the Grand Island area, 4 businesses in the "Appliance Repair and Maintenance" industry received a PPP loan. These local businesses reported an average of 2 employees (compared to this company's 3) and received an average PPP loan of $16,296 (compared to this company's $25,400).
Similar Nearby Businesses Who Received PPP Funding:
Rare Refrigeration LLC
Grand Island, NE
Phil's Appliance Repair LLC
Grand Island, NE
Industry PPP Comparison Statistics
Nationwide, 9,602 businesses in the "Appliance Repair and Maintenance" industry received a total of $368.97M 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 5 employees, 67% higher than Larry's Appliance's reported 3 employees, and received an average PPP loan of $38,427, 51% higher than this company's loan of $25,400.
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