PPP Loan Data — Nello's Hair Stylist, LTD, Niles, IL
Nello's Hair Stylist, LTD is a corporation located at 7934 W Oakton St in Niles, Illinois that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in May, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Bank of America, National Association
Nello's Hair Stylist, LTD in Niles, IL received a Paycheck Protection Loan of $25,000 through Bank of America, National Association, which was approved in May, 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, Nello's Hair Stylist, LTD's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 10 jobs retained, this equals an estimated average yearly compensation of $12,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Nello's Hair Stylist, LTD reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Nello's Hair Stylist, LTD in Niles, IL
7934 W Oakton St
Niles, IL 60714
NAICS code 812112
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Niles
In the Niles area, 62 businesses in the "Beauty Salons" industry received a PPP loan. These local businesses reported an average of 3 employees (compared to this company's 10) and received an average PPP loan of $14,783 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Golden Scissors Hair Studio PC
Giorgio Elan Hair, LTD
PJ & E Inc
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, 80% lower than Nello's Hair Stylist, LTD's reported 10 employees, and received an average PPP loan of $18,663, 25% lower than this company's loan of $25,000.
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Footnotes & Information
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