PPP Loan Data — The Rise Cafe Inc, Somerset, MA
The Rise Cafe Inc is a limited liability company (LLC) located at 900 County Street in Somerset, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $24,998.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Rockland Trust Company
The Rise Cafe Inc in Somerset, MA received a Paycheck Protection Loan of $24,998 through Rockland 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 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, The Rise Cafe Inc's 2019 payroll expenses are estimated to be at least $119,990.
Based on their reported 6 jobs retained, this equals an estimated average yearly compensation of $19,998 per employee1
Reported PPP Proceed Usage:
On the PPP application, The Rise Cafe Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,998
Business Information - The Rise Cafe Inc in Somerset, MA
900 County Street
Somerset, MA 2726
NAICS code 722511
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Somerset
In the Somerset area, 24 businesses in the "Full-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 21 employees (compared to this company's 6) and received an average PPP loan of $80,118 (compared to this company's $24,998).
Similar Nearby Businesses Who Received PPP Funding:
J Petal Inc
Roger's Family Restaurant Inc
Magonis Ferry Landing, Inc
China Lake Restaurant
China Lake Inc
Cleary Restaurants, Inc
Yang & Lin Asian Buefft 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, 267% higher than The Rise Cafe Inc's reported 6 employees, and received an average PPP loan of $129,504, 418% higher than this company's loan of $24,998.
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Footnotes & Information
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