PPP Loan Data — Rainbows & Sunshine LLC, Lakeville, MN
Rainbows & Sunshine LLC is a limited liability company (LLC) located at 16201 Goodview Trail in Lakeville, Minnesota that received a Coronavirus-related PPP loan from the SBA of $25,200.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Old National Bank
Rainbows & Sunshine LLC in Lakeville, MN received a Paycheck Protection Loan of $25,200 through Old National 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 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, Rainbows & Sunshine LLC's 2019 payroll expenses are estimated to be at least $120,960.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $24,192 per employee1
Reported PPP Proceed Usage:
On the PPP application, Rainbows & Sunshine LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,200
Business Information - Rainbows & Sunshine LLC in Lakeville, MN
16201 Goodview Trail
Lakeville, MN 55044
Child Day Care Services
NAICS code 624410
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Lakeville
In the Lakeville area, 30 businesses in the "Child Day Care Services" industry received a PPP loan. These local businesses reported an average of 11 employees (compared to this company's 5) and received an average PPP loan of $68,344 (compared to this company's $25,200).
Similar Nearby Businesses Who Received PPP Funding:
Tammy Marie Downs
Park Hill Home Daycare
Industry PPP Comparison Statistics
Nationwide, 132,794 businesses in the "Child Day Care Services" industry received a total of $5.53B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 8 employees, 60% higher than Rainbows & Sunshine LLC's reported 5 employees, and received an average PPP loan of $41,676, 65% higher than this company's loan of $25,200.
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Footnotes & Information
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