PPP Loan Data — Richards Industrials, Inc, Cincinnati, OH
Richards Industrials, Inc is a corporation located at 3170 Wasson Rd. in Cincinnati, Ohio that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:BMO Harris Bank National Association
Richards Industrials, Inc in Cincinnati, OH received a Paycheck Protection Loan of $2M through BMO Harris Bank National Association, 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, Richards Industrials, Inc's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 139 jobs retained, this equals an estimated average yearly compensation of $69,065 per employee1
Reported PPP Proceed Usage:
On the PPP application, Richards Industrials, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,000,000
Business Information - Richards Industrials, Inc in Cincinnati, OH
3170 Wasson Rd.
Cincinnati, OH 45209
Industrial Valve Manufacturing
NAICS code 332911
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 777 businesses in the "Industrial Valve Manufacturing" industry received a total of $282.78M 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 27 employees, 81% lower than Richards Industrials, Inc's reported 139 employees, and received an average PPP loan of $363,934, 82% lower than this company's loan of $2M.
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Footnotes & Information
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