PPP Loan Data — Xing Rong Inc, Dorchester, MA
Xing Rong Inc is a corporation located at 889 A Dorchester Ave in Dorchester, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $25,420.00 in April, 2020.
The company has reported itself as an Asian male 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
Xing Rong Inc in Dorchester, MA received a Paycheck Protection Loan of $25,420 through Santander Bank, National Association, 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, Xing Rong Inc's 2019 payroll expenses are estimated to be at least $122,016.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $24,403 per employee1
Reported PPP Proceed Usage:
On the PPP application, Xing Rong Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,420
Business Information - Xing Rong Inc in Dorchester, MA
889 A Dorchester Ave
Dorchester, MA 2125
NAICS code 722513
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: Y
Rural / Urban: Urban
Similar Companies near Dorchester
In the Dorchester area, 50 businesses in the "Limited-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 9 employees (compared to this company's 5) and received an average PPP loan of $53,147 (compared to this company's $25,420).
Similar Nearby Businesses Who Received PPP Funding:
Gabriela I Alquinta
Only One Jamaican Restaurant Inc
Ripple House LLC
Mattapan Donuts, LLC
E And J Pizza, Inc
The Daily Market
Industry PPP Comparison Statistics
Nationwide, 137,629 businesses in the "Limited-Service Restaurants" industry received a total of $13.9B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 2% of the total PPP funding allocated.
PPP recipients in this industry report an average of 21 employees, 320% higher than Xing Rong Inc's reported 5 employees, and received an average PPP loan of $100,980, 297% higher than this company's loan of $25,420.
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Footnotes & Information
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