PPP Loan Data — Reliable Relamping, Inc, Saranac, MI
Reliable Relamping, Inc is a corporation located at 6459 Nash Rd in Saranac, Michigan that received a Coronavirus-related PPP loan from the SBA of $1,794,930.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 146 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Fifth Third Bank
Reliable Relamping, Inc in Saranac, MI received a Paycheck Protection Loan of $1.79M through Fifth Third 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, Reliable Relamping, Inc's 2019 payroll expenses are estimated to be at least $8.62M.
Based on their reported 146 jobs retained, this equals an estimated average yearly compensation of $59,011 per employee1
Reported PPP Proceed Usage:
On the PPP application, Reliable Relamping, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,794,930
Business Information - Reliable Relamping, Inc in Saranac, MI
6459 Nash Rd
Saranac, MI 48881
Other Services to Buildings and Dwellings
NAICS code 561790
Business Owner Demographics
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Industry PPP Comparison Statistics
Nationwide, 25,135 businesses in the "Other Services to Buildings and Dwellings" industry received a total of $1.14B 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 7 employees, 95% lower than Reliable Relamping, Inc's reported 146 employees, and received an average PPP loan of $45,205, 97% lower than this company's loan of $1.79M.
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Footnotes & Information
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