PPP Loan Data — Purple Finch Studios, Reading, PA
Purple Finch Studios is a limited liability company (LLC) located at 1635 Reading Blvd in Reading, Pennsylvania that received a Coronavirus-related PPP loan from the SBA of $25,500.00 in April, 2020.
The company has reported itself as a female owned business, and employed at least seven people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:First National Bank of Pennsylvania
Purple Finch Studios in Reading, PA received a Paycheck Protection Loan of $25,500 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 February, 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, Purple Finch Studios' 2019 payroll expenses are estimated to be at least $122,400.
Based on their reported 7 jobs retained, this equals an estimated average yearly compensation of $17,486 per employee1
Reported PPP Proceed Usage:
On the PPP application, Purple Finch Studios reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,500
Business Information - Purple Finch Studios in Reading, PA
1635 Reading Blvd
Reading, PA 19610
All Other Business Support Services
NAICS code 561499
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Female Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Reading
In the Reading area, 17 businesses in the "All Other Business Support Services" industry received a PPP loan. These local businesses reported an average of 8 employees (compared to this company's 7) and received an average PPP loan of $47,965 (compared to this company's $25,500).
Similar Nearby Businesses Who Received PPP Funding:
Lets Taco Bout It LLC
West Reading, PA
United World Education Resources LLC
Riecks Enterprises DBA Riecks Publications
Karl A Becker
Your Pet Experts, LLC
KGS Legal, LLC
Mailroom Systems Inc
West Reading, PA
Industry PPP Comparison Statistics
Nationwide, 53,190 businesses in the "All Other Business Support Services" industry received a total of $2.63B 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 6 employees, 14% lower than Purple Finch Studios' reported 7 employees, and received an average PPP loan of $49,465, 94% higher than this company's loan of $25,500.
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