PPP Loan Data — Melissa Drumwright, Ripley, TN
Melissa Drumwright is a sole proprietorship located in Ripley, Tennessee that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in February, 2021.
The company has reported itself as a male owned business, and employed at least one person during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Readycap Lending, LLC
Melissa Drumwright in Ripley, TN received a Paycheck Protection Loan of $25,000 through Readycap Lending, LLC, which was approved in February, 2021.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 1. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
Reported PPP Proceed Usage:
On the PPP application, Melissa Drumwright reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,996
- Utilities: $1
Business Information - Melissa Drumwright in Ripley, TN
* Full address is redacted to protect the privacy of individuals.
NAICS code 812113
Business Owner Demographics
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Rural
Similar Companies near Ripley
In the Ripley area, 2 businesses in the "Nail Salons" industry received a PPP loan. These local businesses reported an average of 2 employees (compared to this company's 1) and received an average PPP loan of $24,826 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Industry PPP Comparison Statistics
Nationwide, 111,177 businesses in the "Nail Salons" industry received a total of $1.68B 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 3 employees, 200% higher than Melissa Drumwright's reported 1 employees, and received an average PPP loan of $15,074, 40% lower than this company's loan of $25,000.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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