PPP Loan Data — Swift Fitness, Gaithersburg, Md 20877, MD
Swift Fitness is a limited liability company (LLC) located in Gaithersburg, Md 20877, Maryland that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Fountainhead SBF LLC
Swift Fitness in Gaithersburg, Md 20877, MD received a Paycheck Protection Loan of $25,000 through Fountainhead SBF LLC, which was approved in April, 2020.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 1. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
Reported PPP Proceed Usage:
On the PPP application, Swift Fitness reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Swift Fitness in Gaithersburg, Md 20877, MD
Gaithersburg, Md 20877, MD
* Full address is redacted to protect the privacy of individuals.
Fitness and Recreational Sports Centers
NAICS code 713940
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Gaithersburg, Md 20877
In the Gaithersburg, Md 20877 area, 30 businesses in the "Fitness and Recreational Sports Centers" industry received a PPP loan. These local businesses reported an average of 9 employees (compared to this company's 1) and received an average PPP loan of $30,803 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Redzone Fitness LLC
Maryland Fitness Partners LLC
Foundry Fitness LLC
North Potomac, MD
Powerhouse Studio LLC
Personalize Your Health LLC
Kentlands Fitness Partners, LLC
Joe Flaherty's Dolphins LLC
Industry PPP Comparison Statistics
Nationwide, 62,038 businesses in the "Fitness and Recreational Sports Centers" industry received a total of $2.97B 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 12 employees, 1100% higher than Swift Fitness' reported 1 employees, and received an average PPP loan of $47,823, 91% higher than this company's loan of $25,000.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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