PPP Loan Data — Midtown Paint & Decorating, Madison, NC
Midtown Paint & Decorating is a corporation located at 727 Hwy St in Madison, North Carolina that received a Coronavirus-related PPP loan from the SBA of $45,767.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Carter Bank & Trust
Midtown Paint & Decorating in Madison, NC received a Paycheck Protection Loan of $45,767 through Carter Bank & Trust, which was approved in April, 2020.
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, Midtown Paint & Decorating's 2019 payroll expenses are estimated to be at least $219,682.
Based on their reported 9 jobs retained, this equals an estimated average yearly compensation of $24,409 per employee1
Reported PPP Proceed Usage:
On the PPP application, Midtown Paint & Decorating reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $45,767
Business Information - Midtown Paint & Decorating in Madison, NC
727 Hwy St
Madison, NC 27025
NAICS code 442110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Rural
Similar Companies near Madison
In the Madison area, 2 businesses in the "Furniture Stores" industry received a PPP loan. These local businesses reported an average of 8 employees (compared to this company's 9) and received an average PPP loan of $40,134 (compared to this company's $45,767).
Similar Nearby Businesses Who Received PPP Funding:
C And J Associates Inc
Industry PPP Comparison Statistics
Nationwide, 16,379 businesses in the "Furniture Stores" industry received a total of $1.53B 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 10 employees, 11% higher than Midtown Paint & Decorating's reported 9 employees, and received an average PPP loan of $93,282, 104% higher than this company's loan of $45,767.
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Footnotes & Information
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