PPP Loan Data — YNS Beauty Palace, Memphis, TN
YNS Beauty Palace is a sole proprietorship located at 7464 Winchester Rd Suite 105, in Memphis, Tennessee that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in June, 2020.
The company has reported itself as an American indian or alaska native female owned business, and employed at least two people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
YNS Beauty Palace in Memphis, TN received a Paycheck Protection Loan of $25,000 through Regions Bank, which was approved in June, 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, YNS Beauty Palace's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $60,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, YNS Beauty Palace reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - YNS Beauty Palace in Memphis, TN
7464 Winchester Rd Suite 105,
Memphis, TN 38125
NAICS code 812112
Business Owner Demographics
Race: American Indian or Alaska Native
Ethnicity: Hispanic or Latino
Gender: Female Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Memphis
In the Memphis area, 371 businesses in the "Beauty Salons" industry received a PPP loan. These local businesses reported an average of 1 employees (compared to this company's 2) and received an average PPP loan of $17,059 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Bellas Beauty Salon
Allure Body Studio
Industry PPP Comparison Statistics
Nationwide, 489,088 businesses in the "Beauty Salons" industry received a total of $9.13B in PPP loans. These businesses account for 4% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 2 employees, the same amount reported by YNS Beauty Palace and received an average PPP loan of $18,663, 25% lower than this company's loan of $25,000.
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Footnotes & Information
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