PPP Loan Data — Silk Nails & Spa Salon, Tewksbury, MA
Silk Nails & Spa Salon is a corporation located at 1866 Main St in Tewksbury, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $25,200.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Citizens Bank, National Association
Silk Nails & Spa Salon in Tewksbury, MA received a Paycheck Protection Loan of $25,200 through Citizens Bank, National Association, 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 June, 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, Silk Nails & Spa Salon's 2019 payroll expenses are estimated to be at least $120,960.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $24,192 per employee1
Reported PPP Proceed Usage:
On the PPP application, Silk Nails & Spa Salon reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,200
Business Information - Silk Nails & Spa Salon in Tewksbury, MA
1866 Main St
Tewksbury, MA 1876
NAICS code 812112
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Tewksbury
In the Tewksbury area, 32 businesses in the "Beauty Salons" industry received a PPP loan. These local businesses reported an average of 4 employees (compared to this company's 5) and received an average PPP loan of $16,314 (compared to this company's $25,200).
Similar Nearby Businesses Who Received PPP Funding:
Smooth Hair Studio LLC
Aurora Salon & Spa Inc
Nicholas Scott Salon Inc
Second Shift Ventures Tewksbury LLC
Industry PPP Comparison Statistics
Nationwide, 489,088 businesses in the "Beauty Salons" industry received a total of $9.13B in PPP loans. These businesses account for 4% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 2 employees, 60% lower than Silk Nails & Spa Salon's reported 5 employees, and received an average PPP loan of $18,663, 26% lower than this company's loan of $25,200.
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Footnotes & Information
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