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PPP Loan Data — MEI Beauty Inc Beauty Studio, Cranston, RI

SBA PPP loan data, payroll data, and salaries for MEI Beauty Inc Beauty Studio
RI

MEI Beauty Inc Beauty Studio

Entity: Corporation

Industry: Beauty Salons

Location: Cranston, RI

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MEI Beauty Inc Beauty Studio is a corporation located at 800 Oaklawn Ave in Cranston, Rhode Island that received a Coronavirus-related PPP loan from the SBA of $10,000.00 in February, 2021.

$ PPP Loan Information
Loan #9399728410

Loan Size:

$10,000

Jobs Retained:

2

Loan Approved:

2021-02-17

Loan Status:

Paid in Full or Forgiven

Lender:

Citizens Bank, National Association

MEI Beauty Inc Beauty Studio in Cranston, RI received a Paycheck Protection Loan of $10,000 through Citizens Bank, National Association, which was approved in February, 2021.

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 September, 2021.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

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, MEI Beauty Inc Beauty Studio's 2019 payroll expenses are estimated to be at least $48,000.

Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $24,000 per employee1

Reported PPP Proceed Usage:

On the PPP application, MEI Beauty Inc Beauty Studio reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $9,996
  • Utilities: $1

Business Information - MEI Beauty Inc Beauty Studio in Cranston, RI

MEI Beauty Inc Beauty Studio
800 Oaklawn Ave
Cranston, RI 2920

Business Industry:
Beauty Salons
NAICS code 812112

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Providence County, RI — SBA Office 0165 — Congressional District: RI-02

Similar Companies near Cranston

In the Cranston area, 75 businesses in the "Beauty Salons" industry received a PPP loan. These local businesses reported an average of 2 employees (compared to this company's 2) and received an average PPP loan of $20,104 (compared to this company's $10,000).

Industry PPP Comparison Statistics

Nationwide, 459,305 businesses in the "Beauty Salons" industry received a total of $8.59B 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, the same amount reported by MEI Beauty Inc Beauty Studio and received an average PPP loan of $18,694, 87% higher than this company's loan of $10,000.

FederalPay's PPP Information Policy

Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.

All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.

Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. Estimations for informational purposes only. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.

2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.


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Source: www.federalpay.org/paycheck-protection-program/mei-beauty-inc-beauty-studio-cranston-ri