PPP Loan Data — VP Floor Care LLC, Richmond, KY
VP Floor Care LLC is a limited liability company (LLC) located at 7037 Brady Way in Richmond, Kentucky that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:JPMorgan Chase Bank, National Association
VP Floor Care LLC in Richmond, KY received a Paycheck Protection Loan of $25,000 through JPMorgan Chase Bank, National Association, 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, VP Floor Care LLC's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 50 jobs retained, this equals an estimated average yearly compensation of $2,400 per employee1
Reported PPP Proceed Usage:
On the PPP application, VP Floor Care LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $15,000
- Utilities: $250
- Rent: $450
- Debt Interest: $9,300
Business Information - VP Floor Care LLC in Richmond, KY
7037 Brady Way
Richmond, KY 40475
NAICS code 238330
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Richmond
In the Richmond area, 7 businesses in the "Flooring Contractors" industry received a PPP loan. These local businesses reported an average of 8 employees (compared to this company's 50) and received an average PPP loan of $18,403 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Green's Flooring LLC
Flooring By Design
Industry PPP Comparison Statistics
Nationwide, 28,132 businesses in the "Flooring Contractors" industry received a total of $1.48B 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 5 employees, 90% lower than VP Floor Care LLC's reported 50 employees, and received an average PPP loan of $52,734, 111% higher than this company's loan of $25,000.
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Footnotes & Information
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