PPP Loan Data — Racks On The Rocks Inc, Peoria, IL
Racks On The Rocks Inc is a corporation located at 2800 W. Farmington Road in Peoria, Illinois that received a Coronavirus-related PPP loan from the SBA of $25,200.00 in April, 2020.
The company has reported itself as a female owned business, and employed at least nine people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Racks On The Rocks Inc in Peoria, IL received a Paycheck Protection Loan of $25,200 through Busey Bank, 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, 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, Racks On The Rocks Inc's 2019 payroll expenses are estimated to be at least $120,960.
Based on their reported 9 jobs retained, this equals an estimated average yearly compensation of $13,440 per employee1
Reported PPP Proceed Usage:
On the PPP application, Racks On The Rocks Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $18,900
- Rent: $6,300
Business Information - Racks On The Rocks Inc in Peoria, IL
2800 W. Farmington Road
Peoria, IL 61604
Drinking Places (Alcoholic Beverages)
NAICS code 722410
Business Owner Demographics
Gender: Female Owned
Veteran Status: Non-Veteran
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Peoria
In the Peoria area, 21 businesses in the "Drinking Places (Alcoholic Beverages)" industry received a PPP loan. These local businesses reported an average of 7 employees (compared to this company's 9) and received an average PPP loan of $25,335 (compared to this company's $25,200).
Similar Nearby Businesses Who Received PPP Funding:
Whiteys Tip Top Inn
The Trolley Inc
West Peoria, IL
Veterans Pub & Pizza
Champs Of Peoria, Inc
The Trolley, Inc
West Peoria, IL
Industry PPP Comparison Statistics
Nationwide, 46,930 businesses in the "Drinking Places (Alcoholic Beverages)" industry received a total of $2.81B 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, 33% higher than Racks On The Rocks Inc's reported 9 employees, and received an average PPP loan of $59,863, 138% higher than this company's loan of $25,200.
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Footnotes & Information
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