PPP Loan Data — Quilt Rich, Brandon, SD
Quilt Rich is a sole proprietorship located at 516 Sunshine Ave in Brandon, South Dakota that received a Coronavirus-related PPP loan from the SBA of $24,945.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Great Western Bank
Quilt Rich in Brandon, SD received a Paycheck Protection Loan of $24,945 through Great Western Bank, 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, Quilt Rich's 2019 payroll expenses are estimated to be at least $119,736.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $59,868 per employee1
Reported PPP Proceed Usage:
On the PPP application, Quilt Rich reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,945
Business Information - Quilt Rich in Brandon, SD
516 Sunshine Ave
Brandon, SD 57005
Sewing, Needlework, and Piece Goods Stores
NAICS code 451130
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 4,967 businesses in the "Sewing, Needlework, and Piece Goods Stores" industry received a total of $107.55M 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 4 employees, 100% higher than Quilt Rich's reported 2 employees, and received an average PPP loan of $21,652, 13% lower than this company's loan of $24,945.
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Footnotes & Information
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