PPP Loan Data — Pet Food Experts Inc, Pawtucket, RI

Pet Food Experts Inc

Entity: Corporation

Industry: Other Grocery and Related Products Merchant Wholesalers

Location: Pawtucket, RI

Pet Food Experts Inc is a corporation located at 175 Main St in Pawtucket, Rhode Island that received a Coronavirus-related PPP loan from the SBA of $5,471,200.00 in April, 2020.

The company has reported itself as a male owned business, and employed at least 493 people during the applicable loan loan period.

$ PPP Loan Information
Loan #7093197005

Loan Size:

$5.47M

Jobs Retained:

493

Loan Approved:

2020-04-07

Loan Status:

Paid in Full or Forgiven

Lender:

Bank Rhode Island

Pet Food Experts Inc in Pawtucket, RI received a Paycheck Protection Loan of $5.47M through Bank Rhode Island, which was approved in April, 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 March, 2022.

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.

Understanding 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.

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, Pet Food Experts Inc's 2019 payroll expenses are estimated to be at least $26.26M.

Based on their reported 493 jobs retained, this equals an estimated average yearly compensation of $53,269 per employee¹

Reported PPP Proceed Usage:

On the PPP application, Pet Food Experts Inc reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $5,471,200

Because the loan received by Pet Food Experts Inc is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Pet Food Experts Inc in Pawtucket, RI

Pet Food Experts Inc
175 Main St
Pawtucket, RI 2860

Business Industry:
Other Grocery and Related Products Merchant Wholesalers
NAICS code 424490

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Male Owned

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

Providence County, RI — SBA Office 0165 — Congressional District: RI-01

Businesses Using Same Address:

There are 3 other businesses that received a PPP loan registered to the same address as Pet Food Experts Inc.

Stillwater River Publications, LLC
Book Publishers

$8,200 PPP Loan

Blackstone Valley Tourism Council
Other Similar Organizations (except Business, Professional, Labor, and Political Organizations)

$143,960 PPP Loan

Blackstone Valley Tourism Coun
Convention and Visitors Bureaus

$166,191 PPP Loan

Similar Companies near Pawtucket

In the Pawtucket area, 2 businesses in the "Other Grocery and Related Products Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 247 employees (compared to this company's 493) and received an average PPP loan of $2,738,993 (compared to this company's $5.47M).

Similar Nearby Businesses Who Received PPP Funding:

TM Turkmani Inc
Pawtucket, RI

$6,785 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 8,194 businesses in the "Other Grocery and Related Products Merchant Wholesalers" industry received a total of $864.28M 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 12 employees, 98% lower than Pet Food Experts Inc's reported 493 employees, and received an average PPP loan of $105,477, 98% lower than this company's loan of $5.47M.

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.

Search FederalPay's Full PPP Loan Database

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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