PPP Loan Data — Rich's Towing & Service, Inc, Cleveland, OH
Rich's Towing & Service, Inc is a corporation located at 20531 First Avenue in Cleveland, Ohio that received a Coronavirus-related PPP loan from the SBA of $1,020,600.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:KeyBank National Association
Rich's Towing & Service, Inc in Cleveland, OH received a Paycheck Protection Loan of $1.02M through KeyBank National Association, which was approved in April, 2020.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.Read More
Understanding Payroll Estimates Based On PPP Amount
Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.Read More
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's Towing & Service, Inc's 2019 payroll expenses are estimated to be at least $4.9M.
Based on their reported 60 jobs retained, this equals an estimated average yearly compensation of $81,648 per employee1
Reported PPP Proceed Usage:
On the PPP application, Rich's Towing & Service, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,020,600
Business Information - Rich's Towing & Service, Inc in Cleveland, OH
20531 First Avenue
Cleveland, OH 44130
Motor Vehicle Towing
NAICS code 488410
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Cleveland
In the Cleveland area, 2 businesses in the "Motor Vehicle Towing" industry received a PPP loan. These local businesses reported an average of 31 employees (compared to this company's 60) and received an average PPP loan of $516,226 (compared to this company's $1.02M).
Similar Nearby Businesses Who Received PPP Funding:
Industry PPP Comparison Statistics
Nationwide, 17,635 businesses in the "Motor Vehicle Towing" industry received a total of $913.84M 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 6 employees, 90% lower than Rich's Towing & Service, Inc's reported 60 employees, and received an average PPP loan of $51,820, 95% lower than this company's loan of $1.02M.
FederalPay's PPP Information Policy
Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.
All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.
Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.
Footnotes & Information
1. Estimations for informational purposes only. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.
2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.
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