PPP Loan Data — River City Construction, Inc, Washington, NC
River City Construction, Inc
Location: Washington, NCTweet This • Search All PPP Data
River City Construction, Inc is a corporation located at 3534 Cherry Run Rd in Washington, North Carolina that received a Coronavirus-related PPP loan from the SBA of $1,614,600.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Southern Bank and Trust Company
River City Construction, Inc in Washington, NC received a Paycheck Protection Loan of $1.61M through Southern Bank and Trust Company, 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 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, River City Construction, Inc's 2019 payroll expenses are estimated to be at least $7.75M.
Based on their reported 219 jobs retained, this equals an estimated average yearly compensation of $35,388 per employee1
Reported PPP Proceed Usage:
On the PPP application, River City Construction, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,291,696
- Utilities: $122,904
- Rent: $200,000
Business Information - River City Construction, Inc in Washington, NC
3534 Cherry Run Rd
Washington, NC 27889
Power and Communication Line and Related Structures Construction
NAICS code 237130
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Industry PPP Comparison Statistics
Nationwide, 4,817 businesses in the "Power and Communication Line and Related Structures Construction" industry received a total of $1.06B 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 17 employees, 92% lower than River City Construction, Inc's reported 219 employees, and received an average PPP loan of $219,213, 86% lower than this company's loan of $1.61M.
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Footnotes & Information
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