PPP Loan Data — RTE Enterprises, Inc, Canoga Park, CA
RTE Enterprises, Inc is a subchapter s corporation located at 21530 Roscoe Blvd. in Canoga Park, California that received a Coronavirus-related PPP loan from the SBA of $2,485,481.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Bank Leumi USA
RTE Enterprises, Inc in Canoga Park, CA received a Paycheck Protection Loan of $2.49M through Bank Leumi USA, 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, RTE Enterprises, Inc's 2019 payroll expenses are estimated to be at least $11.93M.
Based on their reported 300 jobs retained, this equals an estimated average yearly compensation of $39,768 per employee1
Reported PPP Proceed Usage:
On the PPP application, RTE Enterprises, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,864,111
- Utilities: $124,274
- Mortgage Interest: $248,548
- Rent: $248,548
Business Information - RTE Enterprises, Inc in Canoga Park, CA
21530 Roscoe Blvd.
Canoga Park, CA 91304
Drywall and Insulation Contractors
NAICS code 238310
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Canoga Park
In the Canoga Park area, 3 businesses in the "Drywall and Insulation Contractors" industry received a PPP loan. These local businesses reported an average of 103 employees (compared to this company's 300) and received an average PPP loan of $840,902 (compared to this company's $2.49M).
Similar Nearby Businesses Who Received PPP Funding:
Canoga Park, CA
Industry PPP Comparison Statistics
Nationwide, 18,888 businesses in the "Drywall and Insulation Contractors" industry received a total of $2.43B 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, 96% lower than RTE Enterprises, Inc's reported 300 employees, and received an average PPP loan of $128,649, 95% lower than this company's loan of $2.49M.
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Footnotes & Information
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