PPP Loan Data — Rapid Response Monitoring Services Inc, Syracuse, NY
Rapid Response Monitoring Services Inc is a corporation located at 400 West Division St in Syracuse, New York that received a Coronavirus-related PPP loan from the SBA of $6,731,855.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:TD Bank, National Association
Rapid Response Monitoring Services Inc in Syracuse, NY received a Paycheck Protection Loan of $6.73M through TD Bank, National Association, which was approved in April, 2020.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.
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 Response Monitoring Services Inc's 2019 payroll expenses are estimated to be at least $32.31M.
Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $64,626 per employee1
Reported PPP Proceed Usage:
On the PPP application, Rapid Response Monitoring Services Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $6,731,855
Business Information - Rapid Response Monitoring Services Inc in Syracuse, NY
400 West Division St
Syracuse, NY 13204
Security Systems Services (except Locksmiths)
NAICS code 561621
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Syracuse
In the Syracuse area, 2 businesses in the "Security Systems Services (except Locksmiths)" industry received a PPP loan. These local businesses reported an average of 262 employees (compared to this company's 500) and received an average PPP loan of $3,525,219 (compared to this company's $6.73M).
Similar Nearby Businesses Who Received PPP Funding:
Sonitrol Services Of New York, Inc
Industry PPP Comparison Statistics
Nationwide, 8,974 businesses in the "Security Systems Services (except Locksmiths)" industry received a total of $1.11B 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 12 employees, 98% lower than Rapid Response Monitoring Services Inc's reported 500 employees, and received an average PPP loan of $123,357, 98% lower than this company's loan of $6.73M.
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Footnotes & Information
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