PPP Loan Data — Prime Time Limousines Inc, Lakewood Ranch, FL
Prime Time Limousines Inc is a subchapter s corporation located at 7708 Weston Ct in Lakewood Ranch, Florida that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least two people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:First National Bank of Pennsylvania
Prime Time Limousines Inc in Lakewood Ranch, FL received a Paycheck Protection Loan of $25,000 through First National Bank of Pennsylvania, 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 January, 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, Prime Time Limousines Inc's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $60,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Prime Time Limousines Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Prime Time Limousines Inc in Lakewood Ranch, FL
7708 Weston Ct
Lakewood Ranch, FL 34202
NAICS code 485320
Business Owner Demographics
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 Lakewood Ranch
In the Lakewood Ranch area, 3 businesses in the "Limousine Service" industry received a PPP loan. These local businesses reported an average of 2 employees (compared to this company's 2) and received an average PPP loan of $23,371 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Lakewood Ranch, FL
Industry PPP Comparison Statistics
Nationwide, 28,345 businesses in the "Limousine Service" industry received a total of $666.64M 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 3 employees, 50% higher than Prime Time Limousines Inc's reported 2 employees, and received an average PPP loan of $23,519, 6% lower than this company's loan of $25,000.
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Footnotes & Information
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