PPP Loan Data — New Cozy Nail &Spa Corp, Mystic, CT
New Cozy Nail &Spa Corp is a corporation located at 2-4 Holmes St in Mystic, Connecticut that received a Coronavirus-related PPP loan from the SBA of $25,188.00 in May, 2020.
The company has reported itself as an Asian male owned business, and employed at least nine people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
New Cozy Nail &Spa Corp in Mystic, CT received a Paycheck Protection Loan of $25,188 through Liberty Bank, 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, New Cozy Nail &Spa Corp's 2019 payroll expenses are estimated to be at least $120,902.
Based on their reported 9 jobs retained, this equals an estimated average yearly compensation of $13,434 per employee1
Reported PPP Proceed Usage:
On the PPP application, New Cozy Nail &Spa Corp reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,188
Business Information - New Cozy Nail &Spa Corp in Mystic, CT
2-4 Holmes St
Mystic, CT 6355
NAICS code 812113
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Mystic
In the Mystic area, 3 businesses in the "Nail Salons" industry received a PPP loan. These local businesses reported an average of 6 employees (compared to this company's 9) and received an average PPP loan of $18,160 (compared to this company's $25,188).
Similar Nearby Businesses Who Received PPP Funding:
Bliss Nails & Spa
New Cozy Nail And Spa Corp
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, 67% lower than New Cozy Nail &Spa Corp's reported 9 employees, and received an average PPP loan of $15,074, 40% lower than this company's loan of $25,188.
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Footnotes & Information
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