PPP Loan Data — New Rice Express, Folsom, CA
New Rice Express is a corporation located at 25004 Blue Ravine Rd Suite 115 in Folsom, California that received a Coronavirus-related PPP loan from the SBA of $25,237.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Wells Fargo Bank, National Association
New Rice Express in Folsom, CA received a Paycheck Protection Loan of $25,237 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 June, 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, New Rice Express' 2019 payroll expenses are estimated to be at least $121,138.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $24,228 per employee1
Reported PPP Proceed Usage:
On the PPP application, New Rice Express reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,237
Business Information - New Rice Express in Folsom, CA
25004 Blue Ravine Rd Suite 115
Folsom, CA 95630
NAICS code 722511
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Folsom
In the Folsom area, 106 businesses in the "Full-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 35 employees (compared to this company's 5) and received an average PPP loan of $168,955 (compared to this company's $25,237).
Similar Nearby Businesses Who Received PPP Funding:
Eat It All Restaurant Group
Doyle Bar And Restaurant Group LLC
MP Restaurants Inc
Hampton & Schofiled Inc
Cy88 Holdings Corporation
Pho M Restaurant
Pho Abc, LLC
Northern Park LLC
Industry PPP Comparison Statistics
Nationwide, 328,914 businesses in the "Full-Service Restaurants" industry received a total of $42.6B in PPP loans. These businesses account for 3% of total PPP applications submitted, and received 5% of the total PPP funding allocated.
PPP recipients in this industry report an average of 22 employees, 340% higher than New Rice Express' reported 5 employees, and received an average PPP loan of $129,504, 413% higher than this company's loan of $25,237.
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Footnotes & Information
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