PPP Loan Data — Race Technology USA LLC, Richmond, VA
Race Technology USA LLC
Entity: Limited Liability Company (LLC)
Industry: Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers
Location: Richmond, VATweet This • Search All PPP Data
Race Technology USA LLC is a limited liability company (LLC) located in Richmond, Virginia that received a Coronavirus-related PPP loan from the SBA of $8,664.00 in March, 2021.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Truist Bank d/b/a Branch Banking & Trust Co
Race Technology USA LLC in Richmond, VA received a Paycheck Protection Loan of $8,664 through Truist Bank d/b/a Branch Banking & Trust Co, which was approved in March, 2021.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.
Reported PPP Proceed Usage:
On the PPP application, Race Technology USA LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $8,663
Business Information - Race Technology USA LLC in Richmond, VA
* Full address is redacted to protect the privacy of individuals.
Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers
NAICS code 423610
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Richmond
In the Richmond area, 10 businesses in the "Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 15 employees (compared to this company's 1) and received an average PPP loan of $184,201 (compared to this company's $8,664).
Similar Nearby Businesses Who Received PPP Funding:
Illumination Concepts & Sales
Roys Electric Motor Service
Strategic Telecom Supply Solutions LLC
Norfolk Wire - Richmond Inc
Atlantic Electrical Suppply Corp
Federated Lighting Of Virginia LLC
Morgan Chambliss LLC
The Smith Companies, LLC
Industry PPP Comparison Statistics
Nationwide, 7,595 businesses in the "Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers" industry received a total of $1.31B 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 14 employees, 1300% higher than Race Technology USA LLC's reported 1 employees, and received an average PPP loan of $172,086, 1886% higher than this company's loan of $8,664.
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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