PPP Loan Data — N-Step Dance Academy, Suwanee, GA
N-Step Dance Academy is a corporation located at 2623 Peachtree Pkwy 200 in Suwanee, Georgia that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Truist Bank d/b/a Branch Banking & Trust Co
N-Step Dance Academy in Suwanee, GA received a Paycheck Protection Loan of $25,000 through Truist Bank d/b/a Branch Banking & Trust Co, which was approved in April, 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.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.Read More
Understanding Payroll Estimates Based On PPP Amount
Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.Read More
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, N-Step Dance Academy's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 14 jobs retained, this equals an estimated average yearly compensation of $8,571 per employee1
Reported PPP Proceed Usage:
On the PPP application, N-Step Dance Academy reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - N-Step Dance Academy in Suwanee, GA
2623 Peachtree Pkwy 200
Suwanee, GA 30024
Fine Arts Schools
NAICS code 611610
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Suwanee
In the Suwanee area, 11 businesses in the "Fine Arts Schools" industry received a PPP loan. These local businesses reported an average of 8 employees (compared to this company's 14) and received an average PPP loan of $25,881 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Our Music School Inc
Sugarloaf Performing Arts Inc
Clara & Gregory Inc
Aineo Cultural Art Center, Inc
Suwanee Academy Of The Arts Inc
Social Circle Theatre And Arts Council, Inc
Social Circle, GA
PMA Johns Creek LLC
Sonne Arts LLC
Industry PPP Comparison Statistics
Nationwide, 15,142 businesses in the "Fine Arts Schools" industry received a total of $529.25M 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 8 employees, 43% lower than N-Step Dance Academy's reported 14 employees, and received an average PPP loan of $34,953, 40% higher than this company's loan of $25,000.
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Footnotes & Information
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