PPP Loan Data — Tim Huggins, Corinth, MS
Location: Corinth, MSTweet This • Search All PPP Data
Tim Huggins is a corporation located at 801 Foote St in Corinth, Mississippi that received a Coronavirus-related PPP loan from the SBA of $25,400.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Tim Huggins in Corinth, MS received a Paycheck Protection Loan of $25,400 through Renasant Bank, 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, Tim Huggins' 2019 payroll expenses are estimated to be at least $121,920.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $24,384 per employee1
Reported PPP Proceed Usage:
On the PPP application, Tim Huggins reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,400
Business Information - Tim Huggins in Corinth, MS
801 Foote St
Corinth, MS 38834
Drycleaning and Laundry Services (except Coin-Operated)
NAICS code 812320
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Corinth
In the Corinth area, 5 businesses in the "Drycleaning and Laundry Services (except Coin-Operated)" industry received a PPP loan. These local businesses reported an average of 4 employees (compared to this company's 5) and received an average PPP loan of $20,710 (compared to this company's $25,400).
Similar Nearby Businesses Who Received PPP Funding:
Corinth Dry Cleaners Inc
Earnestine Barnett Crenshaw
Plaza Dry Cleaners
Industry PPP Comparison Statistics
Nationwide, 29,150 businesses in the "Drycleaning and Laundry Services (except Coin-Operated)" industry received a total of $1.13B 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, 40% higher than Tim Huggins' reported 5 employees, and received an average PPP loan of $38,609, 52% higher than this company's loan of $25,400.
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Footnotes & Information
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