PPP Loan Data — L&B Closets Incorporated, Tempe, AZ
L&B Closets Incorporated is a corporation located at 1750 S Los Feliz Dr Suite 102 in Tempe, Arizona that received a Coronavirus-related PPP loan from the SBA of $46,900.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Alerus Financial, National Association
L&B Closets Incorporated in Tempe, AZ received a Paycheck Protection Loan of $46,900 through Alerus Financial, National Association, which was approved in May, 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 February, 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, L&B Closets Incorporated's 2019 payroll expenses are estimated to be at least $225,120.
Based on their reported 6 jobs retained, this equals an estimated average yearly compensation of $37,520 per employee1
Reported PPP Proceed Usage:
On the PPP application, L&B Closets Incorporated reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $37,500
- Utilities: $4,700
- Rent: $4,700
Business Information - L&B Closets Incorporated in Tempe, AZ
1750 S Los Feliz Dr Suite 102
Tempe, AZ 85281
Other Building Finishing Contractors
NAICS code 238390
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Tempe
In the Tempe area, 5 businesses in the "Other Building Finishing Contractors" industry received a PPP loan. These local businesses reported an average of 5 employees (compared to this company's 6) and received an average PPP loan of $36,128 (compared to this company's $46,900).
Similar Nearby Businesses Who Received PPP Funding:
Steady Install Inc
Red Rock Windows And Doors LLC
Compound Concrete, LLC
Industry PPP Comparison Statistics
Nationwide, 15,379 businesses in the "Other Building Finishing Contractors" industry received a total of $1.27B 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 L&B Closets Incorporated's reported 6 employees, and received an average PPP loan of $82,449, 76% higher than this company's loan of $46,900.
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Footnotes & Information
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