PPP Loan Data — Rayco Canvas, Inc, Hartville, OH
Rayco Canvas, Inc is a subchapter s corporation located at 1060 Hartville Rd N in Hartville, Ohio that received a Coronavirus-related PPP loan from the SBA of $25,055.00 in July, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Rayco Canvas, Inc in Hartville, OH received a Paycheck Protection Loan of $25,055 through Quontic Bank, which was approved in July, 2020.
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, Rayco Canvas, Inc's 2019 payroll expenses are estimated to be at least $120,264.
Based on their reported 6 jobs retained, this equals an estimated average yearly compensation of $20,044 per employee1
Reported PPP Proceed Usage:
On the PPP application, Rayco Canvas, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,055
Business Information - Rayco Canvas, Inc in Hartville, OH
1060 Hartville Rd N
Hartville, OH 44632
NAICS code 713930
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 2,908 businesses in the "Marinas" industry received a total of $223.4M 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 11 employees, 83% higher than Rayco Canvas, Inc's reported 6 employees, and received an average PPP loan of $76,822, 207% higher than this company's loan of $25,055.
FederalPay's PPP Information Policy
Footnotes & Information
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