PPP Loan Data — Simply Skin, Inc, Charlotte, NC
Simply Skin, Inc is a corporation located at 5126 Park Rd in Charlotte, North Carolina that received a Coronavirus-related PPP loan from the SBA of $47,000.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least four people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:First Horizon Bank
Simply Skin, Inc in Charlotte, NC received a Paycheck Protection Loan of $47,000 through First Horizon Bank, which was approved in April, 2020.
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, Simply Skin, Inc's 2019 payroll expenses are estimated to be at least $225,600.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $56,400 per employee1
Reported PPP Proceed Usage:
On the PPP application, Simply Skin, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $47,000
Business Information - Simply Skin, Inc in Charlotte, NC
5126 Park Rd
Charlotte, NC 28209
NAICS code 812112
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 Charlotte
In the Charlotte area, 174 businesses in the "Beauty Salons" industry received a PPP loan. These local businesses reported an average of 2 employees (compared to this company's 4) and received an average PPP loan of $15,735 (compared to this company's $47,000).
Similar Nearby Businesses Who Received PPP Funding:
Parktowne Hcx LLC
J. Eric Conley
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, 50% lower than Simply Skin, Inc's reported 4 employees, and received an average PPP loan of $18,663, 60% lower than this company's loan of $47,000.
FederalPay's PPP Information Policy
Footnotes & Information
Have FederalPay.org's open data tools been valuable? Consider donating!