PPP Loan Data — Rapid Signs LLC, Lancaster, SC
Rapid Signs LLC is a limited liability company (LLC) located at 415 W Meeting St in Lancaster, South Carolina that received a Coronavirus-related PPP loan from the SBA of $45,800.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:First-Citizens Bank & Trust Company
Rapid Signs LLC in Lancaster, SC received a Paycheck Protection Loan of $45,800 through First-Citizens Bank & Trust Company, 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 Signs LLC's 2019 payroll expenses are estimated to be at least $219,840.
Based on their reported 7 jobs retained, this equals an estimated average yearly compensation of $31,406 per employee1
Reported PPP Proceed Usage:
On the PPP application, Rapid Signs LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $45,800
Business Information - Rapid Signs LLC in Lancaster, SC
415 W Meeting St
Lancaster, SC 29720
All Other Specialty Trade Contractors
NAICS code 238990
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: Y
Rural / Urban: Rural
Similar Companies near Lancaster
In the Lancaster area, 11 businesses in the "All Other Specialty Trade Contractors" industry received a PPP loan. These local businesses reported an average of 7 employees (compared to this company's 7) and received an average PPP loan of $58,066 (compared to this company's $45,800).
Similar Nearby Businesses Who Received PPP Funding:
SMI Enterprises, Inc
Southern Comfort Zone
Aquatic Restoration LLC
Quality Pool & Spa Construction Inc
Industry PPP Comparison Statistics
Nationwide, 93,400 businesses in the "All Other Specialty Trade Contractors" industry received a total of $8.04B 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 8 employees, 14% higher than Rapid Signs LLC's reported 7 employees, and received an average PPP loan of $86,076, 88% higher than this company's loan of $45,800.
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Footnotes & Information
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