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PPP Loan Data — Karim Rashid Inc, New York, NY

SBA PPP loan data, payroll data, and salaries for Karim Rashid Inc
NY

Karim Rashid Inc

Entity: Corporation

Industry: Interior Design Services

Location: New York, NY

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Karim Rashid Inc is a corporation located at 428 W 54th St in New York, New York that received a Coronavirus-related PPP loan from the SBA of $144,065.00 in August, 2020.

$ PPP Loan Information

Loan Size:

$144,065
Likely Employment Reduction3

Jobs Retained:

6

Loan Approved:

2020-08-03

Lender:

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION

Karim Rashid Inc received a Paycheck Protection Loan of $144,065 through JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, which was approved in August, 2020.

The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 6 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.

2019 Payroll Estimations based On PPP Amount:

Assuming all employees were paid over the $100k eligibility cap, the minimum number of employees this company must have had in 2019 to qualify for the loan range received is 7.

Based on standard PPP eligibility rules, Karim Rashid Inc's total 2019 payroll expenses were approximately $691,512 (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.

Because the 6 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.

Business Information - Karim Rashid Inc in New York, NY

Karim Rashid Inc
428 W 54th St
New York, NY 10019

Business Industry

Interior Design Services (NAICS code 541410)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: NY-10

Similar Companies near New York

In the New York area, 31 businesses in the "Interior Design Services" industry received a PPP loan. These local businesses reported an average of 11 employees (compared to this company's 6) and received an average PPP loan of $236,187 (compared to this company's $144,065).

Industry PPP Comparison Statistics

Nationwide, 11,888 businesses in the "Interior Design Services" industry received a total of $541,404,346.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.

PPP recipients in this industry report an average of 4 employees, 33% lower than Karim Rashid Inc's reported 6 employees, and received an average PPP loan of $45,542, 68% lower than this company's loan of $144,065.

FederalPay's PPP Information Policy

Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.

All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.

Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.

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Footnotes & Information

1. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.

2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.

3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.


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Source: www.federalpay.org/paycheck-protection-program/karim-rashid-inc-new-york-ny