PPP Loan Data — Rapid Pak, Inc, Arrington, TN
Rapid Pak, Inc is a corporation located at 4810 Murfreesboro Rd in Arrington, Tennessee that received a Coronavirus-related PPP loan from the SBA of $24,858.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least two people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Volunteer State Bank
Rapid Pak, Inc in Arrington, TN received a Paycheck Protection Loan of $24,858 through Volunteer State 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 February, 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, Rapid Pak, Inc's 2019 payroll expenses are estimated to be at least $119,318.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $59,659 per employee1
Reported PPP Proceed Usage:
On the PPP application, Rapid Pak, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $19,886
- Utilities: $2,486
- Mortgage Interest: $2,486
Business Information - Rapid Pak, Inc in Arrington, TN
4810 Murfreesboro Rd
Arrington, TN 37014
Gasoline Stations with Convenience Stores
NAICS code 447110
Business Owner Demographics
Gender: Male Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Arrington
In the Arrington area, 11 businesses in the "Gasoline Stations with Convenience Stores" industry received a PPP loan. These local businesses reported an average of 5 employees (compared to this company's 2) and received an average PPP loan of $32,266 (compared to this company's $24,858).
Similar Nearby Businesses Who Received PPP Funding:
Quickstop N Quickstop Inc
Randal Orange Market Inc
Ashland City, TN
JAY Ganeshay, Inc
Citgo Food Mart LLC
Ashland City, TN
Aarav 2013, Inc
Industry PPP Comparison Statistics
Nationwide, 45,026 businesses in the "Gasoline Stations with Convenience Stores" industry received a total of $2.06B 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 10 employees, 400% higher than Rapid Pak, Inc's reported 2 employees, and received an average PPP loan of $45,821, 84% higher than this company's loan of $24,858.
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Footnotes & Information
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