PPP Loan Data — Premier Designs, Inc, Irving, TX
Premier Designs, Inc is a corporation located at 1551 Corporate Dr Suite 150 in Irving, Texas that received a Coronavirus-related PPP loan from the SBA of $1,745,021.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Premier Designs, Inc in Irving, TX received a Paycheck Protection Loan of $1.75M through PlainsCapital 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 February, 2021.The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 78 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 84. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
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, Premier Designs, Inc's 2019 payroll expenses are estimated to be at least $8.38M (not accounting for salary amounts > $100k).
Because the 78 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Reported PPP Proceed Usage:
On the PPP application, Premier Designs, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,424,387
- Rent: $50,000
- Health Care: $270,634
Business Information - Premier Designs, Inc in Irving, TX
1551 Corporate Dr Suite 150
Irving, TX 75038
Jewelry and Silverware Manufacturing
NAICS code 339910
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Irving
In the Irving area, 2 businesses in the "Jewelry and Silverware Manufacturing" industry received a PPP loan. These local businesses reported an average of 42 employees (compared to this company's 78) and received an average PPP loan of $888,452 (compared to this company's $1.75M).
Similar Nearby Businesses Who Received PPP Funding:
Gemstar Independent LLC
Industry PPP Comparison Statistics
Nationwide, 5,673 businesses in the "Jewelry and Silverware Manufacturing" industry received a total of $278.77M 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 5 employees, 94% lower than Premier Designs, Inc's reported 78 employees, and received an average PPP loan of $49,140, 97% lower than this company's loan of $1.75M.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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