PPP Loan Data — Rapids Vending Co, Cedar Rapids, IA
Rapids Vending Co is a corporation located at 443 50th Avenue Ct Sw in Cedar Rapids, Iowa that received a Coronavirus-related PPP loan from the SBA of $46,065.00 in January, 2021.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Wells Fargo Bank, National Association
Rapids Vending Co in Cedar Rapids, IA received a Paycheck Protection Loan of $46,065 through Wells Fargo Bank, National Association, which was approved in January, 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, Rapids Vending Co's 2019 payroll expenses are estimated to be at least $221,112.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $44,222 per employee1
Reported PPP Proceed Usage:
On the PPP application, Rapids Vending Co reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,060
- Utilities: $1
Business Information - Rapids Vending Co in Cedar Rapids, IA
443 50th Avenue Ct Sw
Cedar Rapids, IA 52404
Vending Machine Operators
NAICS code 454210
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Cedar Rapids
In the Cedar Rapids area, 2 businesses in the "Vending Machine Operators" industry received a PPP loan. These local businesses reported an average of 5 employees (compared to this company's 5) and received an average PPP loan of $41,937 (compared to this company's $46,065).
Similar Nearby Businesses Who Received PPP Funding:
Cedar Rapids, IA
Industry PPP Comparison Statistics
Nationwide, 5,683 businesses in the "Vending Machine Operators" industry received a total of $306.05M 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 6 employees, 20% higher than Rapids Vending Co's reported 5 employees, and received an average PPP loan of $53,853, 17% higher than this company's loan of $46,065.
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Footnotes & Information
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