PPP Loan Data — Rental Concepts, Inc, Independence, OH
Rental Concepts, Inc
Entity: Subchapter S Corporation
Location: Independence, OHTweet This • Search All PPP Data
Rental Concepts, Inc is a subchapter s corporation located at 6450 Rockside Woods Blvd S Ste 250 in Independence, Ohio that received a Coronavirus-related PPP loan from the SBA of $2,133,800.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Rental Concepts, Inc in Independence, OH received a Paycheck Protection Loan of $2.13M through Civista 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 June, 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, Rental Concepts, Inc's 2019 payroll expenses are estimated to be at least $10.24M.
Based on their reported 157 jobs retained, this equals an estimated average yearly compensation of $65,237 per employee1
Reported PPP Proceed Usage:
On the PPP application, Rental Concepts, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Utilities: $12,000
- Mortgage Interest: $1,707,037
- Rent: $88,980
- Refinance EIDL: $287,783
- Debt Interest: $38,000
Business Information - Rental Concepts, Inc in Independence, OH
6450 Rockside Woods Blvd S Ste 250
Independence, OH 44131
Third Party Administration of Insurance and Pension Funds
NAICS code 524292
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Independence
In the Independence area, 2 businesses in the "Third Party Administration of Insurance and Pension Funds" industry received a PPP loan. These local businesses reported an average of 82 employees (compared to this company's 157) and received an average PPP loan of $1,101,488 (compared to this company's $2.13M).
Similar Nearby Businesses Who Received PPP Funding:
Chaney Consulting Group, Inc
Industry PPP Comparison Statistics
Nationwide, 1,272 businesses in the "Third Party Administration of Insurance and Pension Funds" industry received a total of $288.85M 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 18 employees, 89% lower than Rental Concepts, Inc's reported 157 employees, and received an average PPP loan of $227,081, 89% lower than this company's loan of $2.13M.
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Footnotes & Information
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