PPP Loan Data — Ultimate Sound, Inc, Diamond Bar, CA
Ultimate Sound, Inc is a subchapter s corporation located at 1200 S. Diamond Bar Blvd, Ste#200 in Diamond Bar, California that received a Coronavirus-related PPP loan from the SBA of $45,895.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Bank of the West
Ultimate Sound, Inc in Diamond Bar, CA received a Paycheck Protection Loan of $45,895 through Bank of the West, which was approved in May, 2020.
This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in May, 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, Ultimate Sound, Inc's 2019 payroll expenses are estimated to be at least $220,296.
Based on their reported 6 jobs retained, this equals an estimated average yearly compensation of $36,716 per employee1
Reported PPP Proceed Usage:
On the PPP application, Ultimate Sound, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $45,895
Business Information - Ultimate Sound, Inc in Diamond Bar, CA
1200 S. Diamond Bar Blvd, Ste#200
Diamond Bar, CA 91765
Audio and Video Equipment Manufacturing
NAICS code 334310
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Diamond Bar
In the Diamond Bar area, 2 businesses in the "Audio and Video Equipment Manufacturing" industry received a PPP loan. These local businesses reported an average of 4 employees (compared to this company's 6) and received an average PPP loan of $26,959 (compared to this company's $45,895).
Similar Nearby Businesses Who Received PPP Funding:
Sonic Marts (USA) Manufacturing Inc
Diamond Bar, CA
Industry PPP Comparison Statistics
Nationwide, 2,207 businesses in the "Audio and Video Equipment Manufacturing" industry received a total of $271.45M 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, 67% higher than Ultimate Sound, Inc's reported 6 employees, and received an average PPP loan of $122,994, 168% higher than this company's loan of $45,895.
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Footnotes & Information
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