PPP Loan Data — Micheal Reed, Dallas, TX
Micheal Reed is a self-employed individual located in Dallas, Texas that received a Coronavirus-related PPP loan from the SBA of $20,833.00 in June, 2020.
The company has reported itself as a Black or african american male veteran owned business, and employed at least one person during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Cross River Bank
Micheal Reed in Dallas, TX received a Paycheck Protection Loan of $20,833 through Cross River Bank, which was approved in June, 2020.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.
Reported PPP Proceed Usage:
On the PPP application, Micheal Reed reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $20,833
Business Information - Micheal Reed in Dallas, TX
* Full address is redacted to protect the privacy of individuals.
NAICS code 812111
Business Owner Demographics
Race: Black or African American
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Dallas
In the Dallas area, 118 businesses in the "Barber Shops" industry received a PPP loan. These local businesses reported an average of 6 employees (compared to this company's 1) and received an average PPP loan of $52,573 (compared to this company's $20,833).
Similar Nearby Businesses Who Received PPP Funding:
The Shortcut Barbershop
Shear Drive LLC
Industry PPP Comparison Statistics
Nationwide, 135,477 businesses in the "Barber Shops" industry received a total of $2.46B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 0% of the total PPP funding allocated.
PPP recipients in this industry report an average of 2 employees, 100% higher than Micheal Reed's reported 1 employees, and received an average PPP loan of $18,164, 13% lower than this company's loan of $20,833.
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.
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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