PPP Loan Data — Tommy Le, Peabody, MA
Tommy Le is a sole proprietorship located at 44 Margin St in Peabody, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $24,893.00 in January, 2021.
The company has reported itself as a male owned business, and employed at least four people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Tommy Le in Peabody, MA received a Paycheck Protection Loan of $24,893 through Eastern Bank, which was approved in January, 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, Tommy Le's 2019 payroll expenses are estimated to be at least $119,486.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $29,872 per employee1
Reported PPP Proceed Usage:
On the PPP application, Tommy Le reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,888
- Utilities: $1
Business Information - Tommy Le in Peabody, MA
44 Margin St
Peabody, MA 1960
NAICS code 812113
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
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 Peabody
In the Peabody area, 22 businesses in the "Nail Salons" industry received a PPP loan. These local businesses reported an average of 5 employees (compared to this company's 4) and received an average PPP loan of $23,648 (compared to this company's $24,893).
Similar Nearby Businesses Who Received PPP Funding:
TC Beauty Corporation
Top Nails Of Peabody Inc
Toan & Hung Corporation
KTN LLC Q Nails & Spa
Kim And H Nails Spa Inc
TC Beauty Corporation Tc Nails And Spa
Industry PPP Comparison Statistics
Nationwide, 111,177 businesses in the "Nail Salons" industry received a total of $1.68B 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 3 employees, 25% lower than Tommy Le's reported 4 employees, and received an average PPP loan of $15,074, 39% lower than this company's loan of $24,893.
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Footnotes & Information
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