PPP Loan Data — Stricklin Hotel & Event Center, LLC, Florence, AL
Stricklin Hotel & Event Center, LLC is a limited liability company (LLC) located at 317 N Court St in Florence, Alabama that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Progress Bank and Trust
Stricklin Hotel & Event Center, LLC in Florence, AL received a Paycheck Protection Loan of $25,000 through Progress Bank and Trust, 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, Stricklin Hotel & Event Center, LLC's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 13 jobs retained, this equals an estimated average yearly compensation of $9,231 per employee1
Reported PPP Proceed Usage:
On the PPP application, Stricklin Hotel & Event Center, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Stricklin Hotel & Event Center, LLC in Florence, AL
317 N Court St
Florence, AL 35630
Hotels (except Casino Hotels) and Motels
NAICS code 721110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Rural
Similar Companies near Florence
In the Florence area, 12 businesses in the "Hotels (except Casino Hotels) and Motels" industry received a PPP loan. These local businesses reported an average of 9 employees (compared to this company's 13) and received an average PPP loan of $55,828 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
DHS Hospitality II LLC
DHS Hospitality II
Great American Hotel, LLC
Stricklin Hotel And Event Center
Khushali Development, LLC
Florence Hospitality, LLC
Industry PPP Comparison Statistics
Nationwide, 82,605 businesses in the "Hotels (except Casino Hotels) and Motels" industry received a total of $13.95B 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 23 employees, 77% higher than Stricklin Hotel & Event Center, LLC's reported 13 employees, and received an average PPP loan of $168,829, 575% higher than this company's loan of $25,000.
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Footnotes & Information
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