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PPP Loan Data — Readeeming Beauty Inc, Bethlehem, PA

ALERT: There are 2 PPP loans for a total of $4.21M in our database for businesses with the name "Readeeming Beauty Inc" in Bethlehem, PA. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Readeeming Beauty Inc
PA

Readeeming Beauty Inc

Entity: Corporation

Industry: Drugs and Druggists' Sundries Merchant Wholesalers

Location: Bethlehem, PA

Search All PPP Data

Readeeming Beauty Inc is a corporation located at 3864 Courtney St Ste 190 in Bethlehem, Pennsylvania that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in February, 2021.

The company has reported itself as a female owned business, and employed at least 72 people during the applicable loan loan period.

$ PPP Loan Information
Loan #1461488405

Loan Size:

$2M

Jobs Retained:

72

Loan Approved:

2021-02-02

Loan Status:

Ongoing Loan

Lender:

City National Bank
Likely Employment Reduction3

Readeeming Beauty Inc in Bethlehem, PA received a Paycheck Protection Loan of $2M through City National Bank, which was approved in February, 2021.

This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.

The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 72 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.

The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 96. 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

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

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, Readeeming Beauty Inc's 2019 payroll expenses are estimated to be at least $9.6M (not accounting for salary amounts > $100k).

Because the 72 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, Readeeming Beauty Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,999,998
  • Utilities: $1
Because the loan received by Readeeming Beauty Inc is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Readeeming Beauty Inc in Bethlehem, PA

Readeeming Beauty Inc
3864 Courtney St Ste 190
Bethlehem, PA 18017

Business Industry:
Drugs and Druggists' Sundries Merchant Wholesalers
NAICS code 424210

Business Owner Demographics

Race: Unreported

Ethnicity: Hispanic or Latino

Gender: Female Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Northampton County, PA — SBA Office 0303 — Congressional District: PA-07

Similar Companies near Bethlehem

In the Bethlehem area, 3 businesses in the "Drugs and Druggists' Sundries Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 66 employees (compared to this company's 72) and received an average PPP loan of $1,403,510 (compared to this company's $2M).

Similar Nearby Businesses Who Received PPP Funding:

Janelle Alderfer
Bethlehem, PA

$2,900 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 3,557 businesses in the "Drugs and Druggists' Sundries Merchant Wholesalers" industry received a total of $499.68M 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 13 employees, 82% lower than Readeeming Beauty Inc's reported 72 employees, and received an average PPP loan of $140,477, 93% lower than this company's loan of $2M.

SBA PPP loan data, payroll data, and salaries for Rea.deeming Beauty Inc
PA

Rea.deeming Beauty Inc

Entity: Corporation

Industry: Drugs and Druggists' Sundries Merchant Wholesalers

Location: Bethlehem, PA

Search All PPP Data

Rea.deeming Beauty Inc is a corporation located at 3864 Courtney St #190 in Bethlehem, Pennsylvania that received a Coronavirus-related PPP loan from the SBA of $2,207,631.00 in April, 2020.

The company has reported itself as a female owned business, and employed at least 124 people during the applicable loan loan period.

$ PPP Loan Information
Loan #7294097006

Loan Size:

$2.21M

Jobs Retained:

124

Loan Approved:

2020-04-07

Loan Status:

Ongoing Loan

Lender:

City National Bank

Rea.deeming Beauty Inc in Bethlehem, PA received a Paycheck Protection Loan of $2.21M through City National Bank, which was approved in April, 2020.

This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

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, Rea.deeming Beauty Inc's 2019 payroll expenses are estimated to be at least $10.6M.

Based on their reported 124 jobs retained, this equals an estimated average yearly compensation of $85,457 per employee1

Reported PPP Proceed Usage:

On the PPP application, Rea.deeming Beauty Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,584,239
  • Utilities: $73,627
  • Rent: $283,875
  • Health Care: $265,890
Because the loan received by Rea.deeming Beauty Inc is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Rea.deeming Beauty Inc in Bethlehem, PA

Rea.deeming Beauty Inc
3864 Courtney St #190
Bethlehem, PA 18017

Business Industry:
Drugs and Druggists' Sundries Merchant Wholesalers
NAICS code 424210

Business Owner Demographics

Race: Unreported

Ethnicity: Hispanic or Latino

Gender: Female Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Northampton County, PA — SBA Office 0303 — Congressional District: PA-07

Similar Companies near Bethlehem

In the Bethlehem area, 3 businesses in the "Drugs and Druggists' Sundries Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 66 employees (compared to this company's 124) and received an average PPP loan of $1,403,510 (compared to this company's $2.21M).

Similar Nearby Businesses Who Received PPP Funding:

Janelle Alderfer
Bethlehem, PA

$2,900 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 3,557 businesses in the "Drugs and Druggists' Sundries Merchant Wholesalers" industry received a total of $499.68M 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 13 employees, 90% lower than Rea.deeming Beauty Inc's reported 124 employees, and received an average PPP loan of $140,477, 94% lower than this company's loan of $2.21M.

FederalPay's PPP Information Policy

Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.

All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.

Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. Estimations for informational purposes only. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.

2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.


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Source: www.federalpay.org/paycheck-protection-program/readeeming-beauty-inc-bethlehem-pa