PPP Loan Data — Payday Jewelry Loans Inc, Cornelius, NC
Payday Jewelry Loans Inc
Location: Cornelius, NCTweet This • Search All PPP Data
Payday Jewelry Loans Inc is a corporation located at 22531 Torrence Chapel Rd in Cornelius, North Carolina that received a Coronavirus-related PPP loan from the SBA of $25,125.00 in May, 2020.
The company has reported itself as a White male owned business, and employed at least six people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Truist Bank d/b/a Branch Banking & Trust Co
Payday Jewelry Loans Inc in Cornelius, NC received a Paycheck Protection Loan of $25,125 through Truist Bank d/b/a Branch Banking & Trust Co, which was approved in May, 2020.
This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in April, 2021.
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, Payday Jewelry Loans Inc's 2019 payroll expenses are estimated to be at least $120,600.
Based on their reported 6 jobs retained, this equals an estimated average yearly compensation of $20,100 per employee1
Reported PPP Proceed Usage:
On the PPP application, Payday Jewelry Loans Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,125
Business Information - Payday Jewelry Loans Inc in Cornelius, NC
22531 Torrence Chapel Rd
Cornelius, NC 28031
Sporting and Recreational Goods and Supplies Merchant Wholesalers
NAICS code 423910
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 Cornelius
In the Cornelius area, 2 businesses in the "Sporting and Recreational Goods and Supplies Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 6 employees (compared to this company's 6) and received an average PPP loan of $27,022 (compared to this company's $25,125).
Similar Nearby Businesses Who Received PPP Funding:
Carolina Guns And Gold West LLC
Industry PPP Comparison Statistics
Nationwide, 6,584 businesses in the "Sporting and Recreational Goods and Supplies Merchant Wholesalers" industry received a total of $632.92M 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 10 employees, 67% higher than Payday Jewelry Loans Inc's reported 6 employees, and received an average PPP loan of $96,130, 283% higher than this company's loan of $25,125.
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Footnotes & Information
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