PPP Loan Data — Sun & Rice Inc, Lexington, MA
Sun & Rice Inc is a corporation located at 397 Lowell Street in Lexington, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in May, 2020.
The company has reported itself as an Asian female owned business, and employed at least five people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Santander Bank, National Association
Sun & Rice Inc in Lexington, MA received a Paycheck Protection Loan of $25,000 through Santander Bank, National Association, which was approved in May, 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 May, 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, Sun & Rice Inc's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $24,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Sun & Rice Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Sun & Rice Inc in Lexington, MA
397 Lowell Street
Lexington, MA 2420
NAICS code 722511
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Female Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Lexington
In the Lexington area, 35 businesses in the "Full-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 17 employees (compared to this company's 5) and received an average PPP loan of $118,976 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Kuldip & Sons Inc
Little Q Company
Ride Studio Cafe Inc
Old Lexington Restaurant, Inc
Atlantic Retailing Inc
Industry PPP Comparison Statistics
Nationwide, 328,914 businesses in the "Full-Service Restaurants" industry received a total of $42.6B in PPP loans. These businesses account for 3% of total PPP applications submitted, and received 5% of the total PPP funding allocated.
PPP recipients in this industry report an average of 22 employees, 340% higher than Sun & Rice Inc's reported 5 employees, and received an average PPP loan of $129,504, 418% higher than this company's loan of $25,000.
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Footnotes & Information
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