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PPP Loan Data — Letter Ride LLC,
San Diego, CA
Letter Ride LLC
Entity: Limited Liability Company (LLC)
Industry: Couriers and Express Delivery Services
Location: San Diego, CA
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Letter Ride LLC is a limited liability company (LLC) located at 6120 Business Center Court Suite 500 in San Diego, California that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in February, 2021.
The company has reported itself as a White male veteran owned business, and employed at least 279 people during the applicable loan loan period.
$
PPP Loan Information
Loan #8992578409
Loan Size:
Jobs Retained:
279Loan Approved:
2021-02-14Loan Status:
Paid in Full or ForgivenLender:
Wells Fargo Bank, National AssociationLetter Ride LLC in San Diego, CA received a Paycheck Protection Loan of $2M through Wells Fargo Bank, National Association, which was approved in February, 2021.
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 January, 2023.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.
Read MoreUnderstanding Payroll Estimates Based On PPP Amount
Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.
Read MoreBased 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, Letter Ride LLC's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 279 jobs retained, this equals an estimated average yearly compensation of $34,409 per employee1
Reported PPP Proceed Usage:
On the PPP application, Letter Ride LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,998
- Utilities: $1
Business Information - Letter Ride LLC in San Diego, CA
6120 Business Center Court Suite 500
San Diego, CA 92154
Business Industry:
Couriers and Express Delivery Services
NAICS code 492110
Business Owner Demographics
Race: White
Ethnicity: Hispanic or Latino
Gender: Male Owned
Veteran Status: Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near San Diego
In the San Diego area, 15 businesses in the "Couriers and Express Delivery Services" industry received a PPP loan. These local businesses reported an average of 41 employees (compared to this company's 279) and received an average PPP loan of $474,737 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Mihailo Andreev
San Diego, CA
Edna Redondo
San Diego, CA
Salvador Parra Morales
San Diego, CA
Samai Chaidez
San Diego, CA
Chantaya Robinson
San Diego, CA
Enrique Seaman Islas
San Diego, CA
Jose Ramon Medina
San Diego, CA
Daryle Gaspar
San Diego, CA
Industry PPP Comparison Statistics
Nationwide, 86,032 businesses in the "Couriers and Express Delivery Services" industry received a total of $1.34B 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 2 employees, 99% lower than Letter Ride LLC's reported 279 employees, and received an average PPP loan of $15,557, 99% lower than this company's loan of $2M.
Letter Ride LLC
Entity: Limited Liability Company (LLC)
Industry: Couriers and Express Delivery Services
Location: San Diego, CA
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•
Search All PPP Data
Letter Ride LLC is a limited liability company (LLC) located at 6120 Business Center Court Suite 500 in San Diego, California that received a Coronavirus-related PPP loan from the SBA of $5,044,773.00 in May, 2020.
The company has reported itself as a White male veteran owned business, and employed at least 316 people during the applicable loan loan period.
$
PPP Loan Information
Loan #4280367707
Loan Size:
Jobs Retained:
316Loan Approved:
2020-05-01Loan Status:
Paid in Full or ForgivenLender:
Wells Fargo Bank, National AssociationLetter Ride LLC in San Diego, CA received a Paycheck Protection Loan of $5.04M through Wells Fargo 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 December, 2021.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.
Read MoreUnderstanding Payroll Estimates Based On PPP Amount
Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.
Read MoreBased 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, Letter Ride LLC's 2019 payroll expenses are estimated to be at least $24.21M.
Based on their reported 316 jobs retained, this equals an estimated average yearly compensation of $76,629 per employee1
Reported PPP Proceed Usage:
On the PPP application, Letter Ride LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $5,044,773
Business Information - Letter Ride LLC in San Diego, CA
6120 Business Center Court Suite 500
San Diego, CA 92154
Business Industry:
Couriers and Express Delivery Services
NAICS code 492110
Business Owner Demographics
Race: White
Ethnicity: Hispanic or Latino
Gender: Male Owned
Veteran Status: Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near San Diego
In the San Diego area, 15 businesses in the "Couriers and Express Delivery Services" industry received a PPP loan. These local businesses reported an average of 41 employees (compared to this company's 316) and received an average PPP loan of $474,737 (compared to this company's $5.04M).
Similar Nearby Businesses Who Received PPP Funding:
Mihailo Andreev
San Diego, CA
Edna Redondo
San Diego, CA
Salvador Parra Morales
San Diego, CA
Samai Chaidez
San Diego, CA
Chantaya Robinson
San Diego, CA
Enrique Seaman Islas
San Diego, CA
Jose Ramon Medina
San Diego, CA
Daryle Gaspar
San Diego, CA
Industry PPP Comparison Statistics
Nationwide, 86,032 businesses in the "Couriers and Express Delivery Services" industry received a total of $1.34B 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 2 employees, 99% lower than Letter Ride LLC's reported 316 employees, and received an average PPP loan of $15,557, 100% lower than this company's loan of $5.04M.
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.
Footnotes & Information
1. Estimations for informational purposes only. 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.
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