PPP Loan Data — Virtus Nutrition, LLC, Turlock, CA
Virtus Nutrition, LLC is a corporation located at 5213 W Main St in Turlock, California that received a Coronavirus-related PPP loan from the SBA of $1,587,500.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least 41 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:City National Bank
Virtus Nutrition, LLC in Turlock, CA received a Paycheck Protection Loan of $1.59M through City National Bank, which was approved in April, 2020.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 76. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
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, Virtus Nutrition, LLC's 2019 payroll expenses are estimated to be at least $7.62M (not accounting for salary amounts > $100k).
Because the 41 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Reported PPP Proceed Usage:
On the PPP application, Virtus Nutrition, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,270,000
- Utilities: $219,500
- Mortgage Interest: $12,000
- Rent: $86,000
Business Information - Virtus Nutrition, LLC in Turlock, CA
5213 W Main St
Turlock, CA 95380
Other Animal Food Manufacturing
NAICS code 311119
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Turlock
In the Turlock area, 4 businesses in the "Other Animal Food Manufacturing" industry received a PPP loan. These local businesses reported an average of 75 employees (compared to this company's 41) and received an average PPP loan of $1,704,395 (compared to this company's $1.59M).
Similar Nearby Businesses Who Received PPP Funding:
Pacific Elements, LLC
Associated Feed & Supply Co
Industry PPP Comparison Statistics
Nationwide, 1,250 businesses in the "Other Animal Food Manufacturing" industry received a total of $208.17M 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 15 employees, 63% lower than Virtus Nutrition, LLC's reported 41 employees, and received an average PPP loan of $166,539, 90% lower than this company's loan of $1.59M.
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Footnotes & Information
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