PPP Loan Data — LNM Hair Salon Inc, Chicago, IL
LNM Hair Salon Inc is a corporation located at 6015 W Irving Park Rd in Chicago, Illinois that received a Coronavirus-related PPP loan from the SBA of $24,845.00 in January, 2021.
The company has reported itself as a White male owned business, and employed at least eight people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Pioneer State Bank
LNM Hair Salon Inc in Chicago, IL received a Paycheck Protection Loan of $24,845 through Pioneer State Bank, 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, LNM Hair Salon Inc's 2019 payroll expenses are estimated to be at least $119,256.
Based on their reported 8 jobs retained, this equals an estimated average yearly compensation of $14,907 per employee1
Reported PPP Proceed Usage:
On the PPP application, LNM Hair Salon Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,840
- Utilities: $1
Business Information - LNM Hair Salon Inc in Chicago, IL
6015 W Irving Park Rd
Chicago, IL 60634
NAICS code 812112
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: N
Rural / Urban: Urban
Similar Companies near Chicago
In the Chicago area, 180 businesses in the "Beauty Salons" industry received a PPP loan. These local businesses reported an average of 1 employees (compared to this company's 8) and received an average PPP loan of $18,336 (compared to this company's $24,845).
Similar Nearby Businesses Who Received PPP Funding:
Drinks N Minksllc
Bryanna Woods Gage
Industry PPP Comparison Statistics
Nationwide, 489,088 businesses in the "Beauty Salons" industry received a total of $9.13B in PPP loans. These businesses account for 4% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 2 employees, 75% lower than LNM Hair Salon Inc's reported 8 employees, and received an average PPP loan of $18,663, 25% lower than this company's loan of $24,845.
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