PPP Loan Data — Modren Spa And Nails, Lancaster, PA
Modren Spa And Nails is a sole proprietorship located at 2200 Embassy Dr Stuie A in Lancaster, Pennsylvania that received a Coronavirus-related PPP loan from the SBA of $24,879.00 in June, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Wells Fargo Bank, National Association
Modren Spa And Nails in Lancaster, PA received a Paycheck Protection Loan of $24,879 through Wells Fargo Bank, National Association, which was approved in June, 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, Modren Spa And Nails' 2019 payroll expenses are estimated to be at least $119,419.
Based on their reported 7 jobs retained, this equals an estimated average yearly compensation of $17,060 per employee1
Reported PPP Proceed Usage:
On the PPP application, Modren Spa And Nails reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,879
Business Information - Modren Spa And Nails in Lancaster, PA
2200 Embassy Dr Stuie A
Lancaster, PA 17603
NAICS code 812113
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Lancaster
In the Lancaster area, 19 businesses in the "Nail Salons" industry received a PPP loan. These local businesses reported an average of 4 employees (compared to this company's 7) and received an average PPP loan of $18,959 (compared to this company's $24,879).
Similar Nearby Businesses Who Received PPP Funding:
Ngoc Thanh Lai
Jannat Beauty Design
The V Nails Spa LLC
HAI T. Nguyen
Hang L Dang
Lancaster Nails, LLC
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, 57% lower than Modren Spa And Nails' reported 7 employees, and received an average PPP loan of $15,074, 39% lower than this company's loan of $24,879.
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Footnotes & Information
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