PPP Loan Data — Platinum Personal Training Studio 2, Novi, MI
Platinum Personal Training Studio 2 is a limited liability company (LLC) located at 24276 Novi Road in Novi, Michigan that received a Coronavirus-related PPP loan from the SBA of $45,800.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Platinum Personal Training Studio 2 in Novi, MI received a Paycheck Protection Loan of $45,800 through Comerica Bank, which was approved in April, 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 May, 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, Platinum Personal Training Studio 2's 2019 payroll expenses are estimated to be at least $219,840.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $43,968 per employee1
Reported PPP Proceed Usage:
On the PPP application, Platinum Personal Training Studio 2 reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $45,800
Business Information - Platinum Personal Training Studio 2 in Novi, MI
24276 Novi Road
Novi, MI 48375
Fitness and Recreational Sports Centers
NAICS code 713940
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Novi
In the Novi area, 27 businesses in the "Fitness and Recreational Sports Centers" industry received a PPP loan. These local businesses reported an average of 71 employees (compared to this company's 5) and received an average PPP loan of $118,417 (compared to this company's $45,800).
Similar Nearby Businesses Who Received PPP Funding:
Grace Sharing Club, LLC
Bonaventure Skating Limited
Vegas Fitness Boulder LLC
Vegas Fitness XI LLC
Vegas Fitness II LLC
Gina Agosta Inc
Rollerama Skating Limited
Platinum Personal Training Studio
Industry PPP Comparison Statistics
Nationwide, 62,038 businesses in the "Fitness and Recreational Sports Centers" industry received a total of $2.97B 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 12 employees, 140% higher than Platinum Personal Training Studio 2's reported 5 employees, and received an average PPP loan of $47,823, 4% higher than this company's loan of $45,800.
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Footnotes & Information
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