PPP Loan Data — VIP Spa Nails, Chattanooga, TN
VIP Spa Nails is a sole proprietorship located at 1414 Jenkins Rd Ste 150 in Chattanooga, Tennessee that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in May, 2020.
The company has reported itself as an American indian or alaska native female owned business, and employed at least five people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
VIP Spa Nails in Chattanooga, TN received a Paycheck Protection Loan of $25,000 through Regions Bank, 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 June, 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, VIP Spa Nails' 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $24,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, VIP Spa Nails reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - VIP Spa Nails in Chattanooga, TN
1414 Jenkins Rd Ste 150
Chattanooga, TN 37421
NAICS code 812113
Business Owner Demographics
Race: American Indian or Alaska Native
Gender: Female Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Chattanooga
In the Chattanooga area, 45 businesses in the "Nail Salons" industry received a PPP loan. These local businesses reported an average of 2 employees (compared to this company's 5) and received an average PPP loan of $10,159 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Sophin Nails LLC
Zen Nail Spa Inc
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, 40% lower than VIP Spa Nails' reported 5 employees, and received an average PPP loan of $15,074, 40% lower than this company's loan of $25,000.
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Footnotes & Information
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