PPP Loan Data — Tent Company Of Norfolk LLC, Chesapeake, VA
Tent Company Of Norfolk LLC is a limited liability company (LLC) located at 3419 Business Center Drive Ste B in Chesapeake, Virginia that received a Coronavirus-related PPP loan from the SBA of $46,000.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least five people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Truist Bank d/b/a Branch Banking & Trust Co
Tent Company Of Norfolk LLC in Chesapeake, VA received a Paycheck Protection Loan of $46,000 through Truist Bank d/b/a Branch Banking & Trust Co, 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, Tent Company Of Norfolk LLC's 2019 payroll expenses are estimated to be at least $220,800.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $44,160 per employee1
Reported PPP Proceed Usage:
On the PPP application, Tent Company Of Norfolk LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,000
Business Information - Tent Company Of Norfolk LLC in Chesapeake, VA
3419 Business Center Drive Ste B
Chesapeake, VA 23323
Sports Teams and Clubs
NAICS code 711211
Business Owner Demographics
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Chesapeake
In the Chesapeake area, 4 businesses in the "Sports Teams and Clubs" industry received a PPP loan. These local businesses reported an average of 5 employees (compared to this company's 5) and received an average PPP loan of $28,767 (compared to this company's $46,000).
Similar Nearby Businesses Who Received PPP Funding:
Virginia Extreme Force Inc
Doan Wellness Center, PC
Industry PPP Comparison Statistics
Nationwide, 6,964 businesses in the "Sports Teams and Clubs" industry received a total of $411.47M 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 10 employees, 100% higher than Tent Company Of Norfolk LLC's reported 5 employees, and received an average PPP loan of $59,085, 28% higher than this company's loan of $46,000.
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Footnotes & Information
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