PPP Loan Data — RAW Image Inc, Key Biscayne, FL
RAW Image Inc is a cooperative located at 525 Hampton Lane in Key Biscayne, Florida that received a Coronavirus-related PPP loan from the SBA of $25,300.00 in May, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
RAW Image Inc in Key Biscayne, FL received a Paycheck Protection Loan of $25,300 through Citibank, N.A., which was approved in May, 2020.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 1. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
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, RAW Image Inc's 2019 payroll expenses are estimated to be at least $121,440 (not accounting for salary amounts > $100k).
Because the 1 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Reported PPP Proceed Usage:
On the PPP application, RAW Image Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $19,500
- Refinance EIDL: $5,800
Business Information - RAW Image Inc in Key Biscayne, FL
525 Hampton Lane
Key Biscayne, FL 33149
NAICS code 541922
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 13,909 businesses in the "Commercial Photography" industry received a total of $264.17M 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 2 employees, 100% higher than RAW Image Inc's reported 1 employees, and received an average PPP loan of $18,993, 25% lower than this company's loan of $25,300.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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