PPP Loan Data — The Republic Of Tea Inc, Nashville, IL
The Republic Of Tea Inc is a subchapter s corporation located at 11051 Mockingbird Rd in Nashville, Illinois that received a Coronavirus-related PPP loan from the SBA of $1,846,500.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
The Republic Of Tea Inc in Nashville, IL received a Paycheck Protection Loan of $1.85M through Commerce 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 June, 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, The Republic Of Tea Inc's 2019 payroll expenses are estimated to be at least $8.86M.
Based on their reported 147 jobs retained, this equals an estimated average yearly compensation of $60,294 per employee1
Reported PPP Proceed Usage:
On the PPP application, The Republic Of Tea Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,477,200
- Utilities: $100,000
- Rent: $269,300
Business Information - The Republic Of Tea Inc in Nashville, IL
11051 Mockingbird Rd
Nashville, IL 62263
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
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, 91% lower than The Republic Of Tea Inc's reported 147 employees, and received an average PPP loan of $117,159, 94% lower than this company's loan of $1.85M.
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Footnotes & Information
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