PPP Loan Data — First Rate Staffing Corporation, Santa Fe Springs, CA
First Rate Staffing Corporation is a corporation located at 12150 S Bloomfield Ave Ste B in Santa Fe Springs, California that received a Coronavirus-related PPP loan from the SBA of $2,663,500.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Transportation Alliance Bank, Inc. d/b/a TAB Bank, Inc.
First Rate Staffing Corporation in Santa Fe Springs, CA received a Paycheck Protection Loan of $2.66M through Transportation Alliance Bank, Inc. d/b/a TAB Bank, Inc., which was approved in April, 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, First Rate Staffing Corporation's 2019 payroll expenses are estimated to be at least $12.78M.
Based on their reported 300 jobs retained, this equals an estimated average yearly compensation of $42,616 per employee1
Reported PPP Proceed Usage:
On the PPP application, First Rate Staffing Corporation reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,259,445
- Utilities: $303,825
- Rent: $100,230
Business Information - First Rate Staffing Corporation in Santa Fe Springs, CA
12150 S Bloomfield Ave Ste B
Santa Fe Springs, CA 90670
Employment Placement Agencies
NAICS code 561311
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 12,601 businesses in the "Employment Placement Agencies" industry received a total of $3.48B 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 35 employees, 88% lower than First Rate Staffing Corporation's reported 300 employees, and received an average PPP loan of $275,915, 90% lower than this company's loan of $2.66M.
FederalPay's PPP Information Policy
Footnotes & Information
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