PPP Loan Data — Suitor Meat Company, Inc, Rienzi, MS
Suitor Meat Company, Inc is a corporation located at 95 County Road 516 in Rienzi, Mississippi that received a Coronavirus-related PPP loan from the SBA of $47,200.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Farmers and Merchants Bank
Suitor Meat Company, Inc in Rienzi, MS received a Paycheck Protection Loan of $47,200 through Farmers and Merchants Bank, 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 March, 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, Suitor Meat Company, Inc's 2019 payroll expenses are estimated to be at least $226,560.
Based on their reported 9 jobs retained, this equals an estimated average yearly compensation of $25,173 per employee1
Reported PPP Proceed Usage:
On the PPP application, Suitor Meat Company, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $47,200
Business Information - Suitor Meat Company, Inc in Rienzi, MS
95 County Road 516
Rienzi, MS 38865
General Line Grocery Merchant Wholesalers
NAICS code 424410
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Rienzi
In the Rienzi area, 3 businesses in the "General Line Grocery Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 4 employees (compared to this company's 9) and received an average PPP loan of $19,600 (compared to this company's $47,200).
Similar Nearby Businesses Who Received PPP Funding:
Industry PPP Comparison Statistics
Nationwide, 6,428 businesses in the "General Line Grocery Merchant Wholesalers" industry received a total of $753.1M 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 13 employees, 44% higher than Suitor Meat Company, Inc's reported 9 employees, and received an average PPP loan of $117,159, 148% higher than this company's loan of $47,200.
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Footnotes & Information
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