PPP Loan Data — Nichols Lawn Service, Inc, Hartville, OH
Nichols Lawn Service, Inc is a subchapter s corporation located at 3431 Edison St Ne, Po Box 745 in Hartville, Ohio that received a Coronavirus-related PPP loan from the SBA of $47,085.00 in May, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:JPMorgan Chase Bank, National Association
Nichols Lawn Service, Inc in Hartville, OH received a Paycheck Protection Loan of $47,085 through JPMorgan Chase Bank, 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, Nichols Lawn Service, Inc's 2019 payroll expenses are estimated to be at least $226,008.
Based on their reported 9 jobs retained, this equals an estimated average yearly compensation of $25,112 per employee1
Reported PPP Proceed Usage:
On the PPP application, Nichols Lawn Service, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $45,135
- Utilities: $450
- Rent: $1,500
Business Information - Nichols Lawn Service, Inc in Hartville, OH
3431 Edison St Ne, Po Box 745
Hartville, OH 44632
NAICS code 561730
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Hartville
In the Hartville area, 11 businesses in the "Landscaping Services" industry received a PPP loan. These local businesses reported an average of 5 employees (compared to this company's 9) and received an average PPP loan of $28,102 (compared to this company's $47,085).
Similar Nearby Businesses Who Received PPP Funding:
DC Lawn Care Services
K & M Gardens LLC
Brent T Klein Landscaping LLC
Carr's Lawn Care
Rankin Lawn Care, Inc
T.l. Grace Farm Inc
True Basics Lawn Care & Landscaping LLC
Verne's Lawn Care, LTD
Industry PPP Comparison Statistics
Nationwide, 138,585 businesses in the "Landscaping Services" industry received a total of $6.03B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 5 employees, 44% lower than Nichols Lawn Service, Inc's reported 9 employees, and received an average PPP loan of $43,486, 8% lower than this company's loan of $47,085.
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Footnotes & Information
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