PPP Loan Data — MJ Hair Studio, Chambersburg, PA
MJ Hair Studio is a sole proprietorship located at 402 Wayne Ave in Chambersburg, Pennsylvania that received a Coronavirus-related PPP loan from the SBA of $25,400.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
MJ Hair Studio in Chambersburg, PA received a Paycheck Protection Loan of $25,400 through Orrstown Bank, which was approved in May, 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 June, 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, MJ Hair Studio's 2019 payroll expenses are estimated to be at least $121,920.
Based on their reported 6 jobs retained, this equals an estimated average yearly compensation of $20,320 per employee1
Reported PPP Proceed Usage:
On the PPP application, MJ Hair Studio reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,400
Business Information - MJ Hair Studio in Chambersburg, PA
402 Wayne Ave
Chambersburg, PA 17201
NAICS code 812112
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Chambersburg
In the Chambersburg area, 64 businesses in the "Beauty Salons" industry received a PPP loan. These local businesses reported an average of 3 employees (compared to this company's 6) and received an average PPP loan of $20,251 (compared to this company's $25,400).
Similar Nearby Businesses Who Received PPP Funding:
The Hair Shoppe LLC
Krista A Coldsmith
Makenzie P Wolfe
Luxe Skin Boutique LLC
Shirley Depadua Gonzalez
Industry PPP Comparison Statistics
Nationwide, 489,088 businesses in the "Beauty Salons" industry received a total of $9.13B 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, 67% lower than MJ Hair Studio's reported 6 employees, and received an average PPP loan of $18,663, 27% lower than this company's loan of $25,400.
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Footnotes & Information
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