PPP Loan Data — Rapid Metal Cutting Services LLC, Eastlake, OH
Rapid Metal Cutting Services LLC
Entity: Limited Liability Company (LLC)
Location: Eastlake, OHTweet This • Search All PPP Data
Rapid Metal Cutting Services LLC is a limited liability company (LLC) located at 1442 East 361st Street in Eastlake, Ohio that received a Coronavirus-related PPP loan from the SBA of $25,327.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least three people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Cross River Bank
Rapid Metal Cutting Services LLC in Eastlake, OH received a Paycheck Protection Loan of $25,327 through Cross River Bank, which was approved in April, 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, Rapid Metal Cutting Services LLC's 2019 payroll expenses are estimated to be at least $121,570.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $40,523 per employee1
Reported PPP Proceed Usage:
On the PPP application, Rapid Metal Cutting Services LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,327
Business Information - Rapid Metal Cutting Services LLC in Eastlake, OH
1442 East 361st Street
Eastlake, OH 44095
Metal Service Centers and Other Metal Merchant Wholesalers
NAICS code 423510
Business Owner Demographics
Gender: Male Owned
Veteran Status: Unreported
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Eastlake
In the Eastlake area, 12 businesses in the "Metal Service Centers and Other Metal Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 13 employees (compared to this company's 3) and received an average PPP loan of $156,856 (compared to this company's $25,327).
Similar Nearby Businesses Who Received PPP Funding:
American Specialty Metals Inc
Consolidated Metal Service Inc
Alternative Metal Service
Alternative Metal Service, Inc
Cgars Stainless, LLC
Alliance National LTD
Shaw Steel Inc
Industry PPP Comparison Statistics
Nationwide, 4,182 businesses in the "Metal Service Centers and Other Metal Merchant Wholesalers" industry received a total of $967.29M 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 19 employees, 533% higher than Rapid Metal Cutting Services LLC's reported 3 employees, and received an average PPP loan of $231,298, 813% higher than this company's loan of $25,327.
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