PPP Loan Data — Singh & Son Corp, Ardmore, TN
Singh & Son Corp is a subchapter s corporation located at 24315 Main St in Ardmore, Tennessee that received a Coronavirus-related PPP loan from the SBA of $47,000.00 in April, 2020.
The company has reported itself as a female owned business, and employed at least twelve people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Singh & Son Corp in Ardmore, TN received a Paycheck Protection Loan of $47,000 through BancorpSouth 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.
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, Singh & Son Corp's 2019 payroll expenses are estimated to be at least $225,600.
Based on their reported 12 jobs retained, this equals an estimated average yearly compensation of $18,800 per employee1
Reported PPP Proceed Usage:
On the PPP application, Singh & Son Corp reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $47,000
Business Information - Singh & Son Corp in Ardmore, TN
24315 Main St
Ardmore, TN 38449
NAICS code 445120
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: Rural
Similar Companies near Ardmore
In the Ardmore area, 3 businesses in the "Convenience Stores" industry received a PPP loan. These local businesses reported an average of 7 employees (compared to this company's 12) and received an average PPP loan of $40,544 (compared to this company's $47,000).
Similar Nearby Businesses Who Received PPP Funding:
H P Max Fuel Express Inc
G And R Corporation
Industry PPP Comparison Statistics
Nationwide, 30,055 businesses in the "Convenience Stores" industry received a total of $856.22M 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, 50% lower than Singh & Son Corp's reported 12 employees, and received an average PPP loan of $28,488, 39% lower than this company's loan of $47,000.
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Footnotes & Information
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