PPP Loan Data — Padma's Beauty Salon, Voorhees, NJ
Padma's Beauty Salon is a limited liability company (LLC) located at 215s Burnt Mill Road in Voorhees, New Jersey that received a Coronavirus-related PPP loan from the SBA of $25,302.00 in May, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Padma's Beauty Salon in Voorhees, NJ received a Paycheck Protection Loan of $25,302 through WebBank, 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, Padma's Beauty Salon's 2019 payroll expenses are estimated to be at least $121,450.
Based on their reported 7 jobs retained, this equals an estimated average yearly compensation of $17,350 per employee1
Reported PPP Proceed Usage:
On the PPP application, Padma's Beauty Salon reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,302
Business Information - Padma's Beauty Salon in Voorhees, NJ
215s Burnt Mill Road
Voorhees, NJ 8043
NAICS code 812112
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Voorhees
In the Voorhees area, 12 businesses in the "Beauty Salons" industry received a PPP loan. These local businesses reported an average of 12 employees (compared to this company's 7) and received an average PPP loan of $25,510 (compared to this company's $25,302).
Similar Nearby Businesses Who Received PPP Funding:
Dominic Josephine Salon LLC
Padma's Beauty Salon LLC
Beautiful Nail Spa
Adels Janitor Service Inc
Seabo Franchising LLC
MD Tanning Solutions LLC
Touch By Tara
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, 71% lower than Padma's Beauty Salon's reported 7 employees, and received an average PPP loan of $18,663, 26% lower than this company's loan of $25,302.
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Footnotes & Information
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