PPP Loan Data — Mark's Ark, Inc, Salt Lake City, UT
Mark's Ark, Inc is a corporation located at 4875 S. Redwood Road in Salt Lake City, Utah that received a Coronavirus-related PPP loan from the SBA of $46,800.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least fourteen people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:First Utah Bank
Mark's Ark, Inc in Salt Lake City, UT received a Paycheck Protection Loan of $46,800 through First Utah 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 May, 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, Mark's Ark, Inc's 2019 payroll expenses are estimated to be at least $224,640.
Based on their reported 14 jobs retained, this equals an estimated average yearly compensation of $16,046 per employee1
Reported PPP Proceed Usage:
On the PPP application, Mark's Ark, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $35,700
- Utilities: $6,700
- Rent: $4,400
Business Information - Mark's Ark, Inc in Salt Lake City, UT
4875 S. Redwood Road
Salt Lake City, UT 84123
Pet and Pet Supplies Stores
NAICS code 453910
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 Salt Lake City
In the Salt Lake City area, 3 businesses in the "Pet and Pet Supplies Stores" industry received a PPP loan. These local businesses reported an average of 16 employees (compared to this company's 14) and received an average PPP loan of $134,172 (compared to this company's $46,800).
Similar Nearby Businesses Who Received PPP Funding:
Summerhays Development Inc
Salt Lake City, UT
Industry PPP Comparison Statistics
Nationwide, 5,559 businesses in the "Pet and Pet Supplies Stores" industry received a total of $268.67M 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, 43% lower than Mark's Ark, Inc's reported 14 employees, and received an average PPP loan of $48,330, 3% higher than this company's loan of $46,800.
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Footnotes & Information
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