PPP Loan Data — Rich Spaulding LLC, Acworth, GA
Rich Spaulding LLC is a limited liability company (LLC) located at 4463 Cherokee St in Acworth, Georgia that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in January, 2021. This business is a Motto Mortgage franchise.
The company has reported itself as an American indian or alaska native male owned business, and employed at least four people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Rich Spaulding LLC in Acworth, GA received a Paycheck Protection Loan of $25,000 through Regions Bank, which was approved in January, 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, Rich Spaulding LLC's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $30,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Rich Spaulding LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,999
Business Information - Rich Spaulding LLC in Acworth, GA
4463 Cherokee St
Acworth, GA 30101
Mortgage and Nonmortgage Loan Brokers
NAICS code 522310
Business Owner Demographics
Race: American Indian or Alaska Native
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Acworth
In the Acworth area, 5 businesses in the "Mortgage and Nonmortgage Loan Brokers" industry received a PPP loan. These local businesses reported an average of 2 employees (compared to this company's 4) and received an average PPP loan of $26,466 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Stacy Moore Managment
Kyong Nan Huh
Premier Mortgage Exchange, Inc
Industry PPP Comparison Statistics
Nationwide, 6,723 businesses in the "Mortgage and Nonmortgage Loan Brokers" industry received a total of $679.39M 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 8 employees, 100% higher than Rich Spaulding LLC's reported 4 employees, and received an average PPP loan of $101,055, 304% higher than this company's loan of $25,000.
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Footnotes & Information
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