PPP Loan Data — Rainbow Roofing & Siding Inc, Quincy, MA
Rainbow Roofing & Siding Inc is a subchapter s corporation located at 67 Island Avenue in Quincy, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $46,700.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least five people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Citizens Bank, National Association
Rainbow Roofing & Siding Inc in Quincy, MA received a Paycheck Protection Loan of $46,700 through Citizens Bank, National Association, 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 June, 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, Rainbow Roofing & Siding Inc's 2019 payroll expenses are estimated to be at least $224,160.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $44,832 per employee1
Reported PPP Proceed Usage:
On the PPP application, Rainbow Roofing & Siding Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,700
Business Information - Rainbow Roofing & Siding Inc in Quincy, MA
67 Island Avenue
Quincy, MA 2169
NAICS code 238160
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Quincy
In the Quincy area, 10 businesses in the "Roofing Contractors" industry received a PPP loan. These local businesses reported an average of 6 employees (compared to this company's 5) and received an average PPP loan of $73,497 (compared to this company's $46,700).
Similar Nearby Businesses Who Received PPP Funding:
Choice Roofing Co
Choice Roofing Co Choice Roofing And Construction Corporati
Jennifer Lee Easter
A A Lamonica Construction Inc
SRC. Roofing, Inc
Rainbow Roofing And Siding Inc
Kyne Roofing & Construction Inc
The Roof Kings Company L
Industry PPP Comparison Statistics
Nationwide, 28,905 businesses in the "Roofing Contractors" industry received a total of $2.88B 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 9 employees, 80% higher than Rainbow Roofing & Siding Inc's reported 5 employees, and received an average PPP loan of $99,538, 113% higher than this company's loan of $46,700.
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Footnotes & Information
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