PPP Loan Data — Spotlight Dance Center, Incorporated, Mentor, OH
Spotlight Dance Center, Incorporated is a corporation located at 7591 Mentor Avenue in Mentor, Ohio that received a Coronavirus-related PPP loan from the SBA of $46,100.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Citizens Bank, National Association
Spotlight Dance Center, Incorporated in Mentor, OH received a Paycheck Protection Loan of $46,100 through Citizens Bank, National Association, 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, Spotlight Dance Center, Incorporated's 2019 payroll expenses are estimated to be at least $221,280.
Based on their reported 13 jobs retained, this equals an estimated average yearly compensation of $17,022 per employee1
Reported PPP Proceed Usage:
On the PPP application, Spotlight Dance Center, Incorporated reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,100
Business Information - Spotlight Dance Center, Incorporated in Mentor, OH
7591 Mentor Avenue
Mentor, OH 44060
NAICS code 711120
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 6,590 businesses in the "Dance Companies" industry received a total of $218.02M 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 7 employees, 46% lower than Spotlight Dance Center, Incorporated's reported 13 employees, and received an average PPP loan of $33,083, 28% lower than this company's loan of $46,100.
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Footnotes & Information
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