PPP Loan Data — Rayco Industrial, Inc, Selma, AL
Rayco Industrial, Inc is a corporation located at 3810 Al Highway 41 in Selma, Alabama that received a Coronavirus-related PPP loan from the SBA of $1,900,000.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:First Cahawba Bank
Rayco Industrial, Inc in Selma, AL received a Paycheck Protection Loan of $1.9M through First Cahawba Bank, which was approved in April, 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 Industrial, Inc's 2019 payroll expenses are estimated to be at least $9.12M.
Based on their reported 182 jobs retained, this equals an estimated average yearly compensation of $50,110 per employee1
Reported PPP Proceed Usage:
On the PPP application, Rayco Industrial, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,900,000
Business Information - Rayco Industrial, Inc in Selma, AL
3810 Al Highway 41
Selma, AL 36701
Other Building Equipment Contractors
NAICS code 238290
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Selma
In the Selma area, 2 businesses in the "Other Building Equipment Contractors" industry received a PPP loan. These local businesses reported an average of 92 employees (compared to this company's 182) and received an average PPP loan of $959,490 (compared to this company's $1.9M).
Similar Nearby Businesses Who Received PPP Funding:
Mabern T. Hughes
Industry PPP Comparison Statistics
Nationwide, 8,769 businesses in the "Other Building Equipment Contractors" industry received a total of $1.24B 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, 94% lower than Rayco Industrial, Inc's reported 182 employees, and received an average PPP loan of $141,619, 93% lower than this company's loan of $1.9M.
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Footnotes & Information
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