PPP Loan Data — Rhea Foods LLC, Cary, NC
Rhea Foods LLC is a limited liability company (LLC) located at 111 Level Ridge Dr in Cary, North Carolina that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in May, 2020.
The company has reported itself as a male owned business, and employed at least fifteen people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:PNC Bank, National Association
Rhea Foods LLC in Cary, NC received a Paycheck Protection Loan of $25,000 through PNC Bank, 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 April, 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, Rhea Foods LLC's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 15 jobs retained, this equals an estimated average yearly compensation of $8,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Rhea Foods LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Rhea Foods LLC in Cary, NC
111 Level Ridge Dr
Cary, NC 27519
All Other Specialty Food Stores
NAICS code 445299
Business Owner Demographics
Gender: Male Owned
Veteran Status: Non-Veteran
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Cary
In the Cary area, 5 businesses in the "All Other Specialty Food Stores" industry received a PPP loan. These local businesses reported an average of 6 employees (compared to this company's 15) and received an average PPP loan of $16,767 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Amesbury Lane, LLC
Industry PPP Comparison Statistics
Nationwide, 13,977 businesses in the "All Other Specialty Food Stores" industry received a total of $690.79M 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 11 employees, 27% lower than Rhea Foods LLC's reported 15 employees, and received an average PPP loan of $49,423, 98% higher than this company's loan of $25,000.
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Footnotes & Information
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