PPP Loan Data — Rainbow Enterprises, LTD, Chicago, IL
Rainbow Enterprises, LTD is a subchapter s corporation located at 5823 N Forest Glen Ave in Chicago, Illinois that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in May, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:JPMorgan Chase Bank, National Association
Rainbow Enterprises, LTD in Chicago, IL received a Paycheck Protection Loan of $25,000 through JPMorgan Chase Bank, National Association, which was approved in May, 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, Rainbow Enterprises, LTD's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 40 jobs retained, this equals an estimated average yearly compensation of $3,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Rainbow Enterprises, LTD reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $18,000
- Health Care: $7,000
Business Information - Rainbow Enterprises, LTD in Chicago, IL
5823 N Forest Glen Ave
Chicago, IL 60646
All Other Business Support Services
NAICS code 561499
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Chicago
In the Chicago area, 41 businesses in the "All Other Business Support Services" industry received a PPP loan. These local businesses reported an average of 3 employees (compared to this company's 40) and received an average PPP loan of $25,714 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Adam Wisneski, Inc
Dericka M Caudle
Industry PPP Comparison Statistics
Nationwide, 53,190 businesses in the "All Other Business Support Services" industry received a total of $2.63B 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 6 employees, 85% lower than Rainbow Enterprises, LTD's reported 40 employees, and received an average PPP loan of $49,465, 98% higher than this company's loan of $25,000.
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Footnotes & Information
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