PPP Loan Data — Red Point Weels Accessories, Inc, Canovanas, PR
Red Point Weels Accessories, Inc is a corporation located at Calle Palmer 104, in Canovanas, Puerto Rico that received a Coronavirus-related PPP loan from the SBA of $25,400.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least five people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Red Point Weels Accessories, Inc in Canovanas, PR received a Paycheck Protection Loan of $25,400 through Oriental Bank, which was approved in April, 2020.
This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in May, 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, Red Point Weels Accessories, Inc's 2019 payroll expenses are estimated to be at least $121,920.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $24,384 per employee1
Reported PPP Proceed Usage:
On the PPP application, Red Point Weels Accessories, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,400
Business Information - Red Point Weels Accessories, Inc in Canovanas, PR
Calle Palmer 104,
Canovanas, PR 985
Tire and Tube Merchant Wholesalers
NAICS code 423130
Business Owner Demographics
Gender: Male Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Industry PPP Comparison Statistics
Nationwide, 1,312 businesses in the "Tire and Tube Merchant Wholesalers" industry received a total of $159.34M 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, 160% higher than Red Point Weels Accessories, Inc's reported 5 employees, and received an average PPP loan of $121,445, 378% higher than this company's loan of $25,400.
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Footnotes & Information
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