PPP Loan Data — Redneck Inc, Springfield, MO
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Redneck Inc is a corporation located at 2100 Nw Bypass in Springfield, Missouri that received a Coronavirus-related PPP loan from the SBA of $5,547,087.00 in May, 2020.
The company has reported itself as a White male owned business, and employed at least 450 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Bank of America, National Association
Redneck Inc in Springfield, MO received a Paycheck Protection Loan of $5.55M through Bank of America, National Association, which was approved in May, 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 July, 2021.
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, Redneck Inc's 2019 payroll expenses are estimated to be at least $26.63M.
Based on their reported 450 jobs retained, this equals an estimated average yearly compensation of $59,169 per employee1
Reported PPP Proceed Usage:
On the PPP application, Redneck Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $5,547,087
Business Information - Redneck Inc in Springfield, MO
2100 Nw Bypass
Springfield, MO 65803
Motor Vehicle Supplies and New Parts Merchant Wholesalers
NAICS code 423120
Business Owner Demographics
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: New Business or 2 years or less
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Springfield
In the Springfield area, 10 businesses in the "Motor Vehicle Supplies and New Parts Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 52 employees (compared to this company's 450) and received an average PPP loan of $619,848 (compared to this company's $5.55M).
Similar Nearby Businesses Who Received PPP Funding:
Sinister Performance LLC
Legendary Autoworks & Frame, I
Alliance Industries LLC
White Auto Trim
Advantage Sales Group, Inc
BM Gallagher Enterprises LLC
Westward Alliance LLC
Gantt/Thomas & Associates, Inc
Industry PPP Comparison Statistics
Nationwide, 5,707 businesses in the "Motor Vehicle Supplies and New Parts Merchant Wholesalers" industry received a total of $787.78M 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 14 employees, 97% lower than Redneck Inc's reported 450 employees, and received an average PPP loan of $138,037, 98% lower than this company's loan of $5.55M.
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