PPP Loan Data — 20 Times Rest LLC, New York, NY

20 Times Rest LLC

Entity: Limited Liability Company (LLC)

Industry: Unclassified Establishments

Location: New York, NY

20 Times Rest LLC is a limited liability company (LLC) located at 701 7th Ave in New York, New York that received a Coronavirus-related PPP loan from the SBA of $3,491,587.00 in May, 2020.

$ PPP Loan Information
Loan #1786317707

Loan Size:

$3.49M

Jobs Retained:

500

Loan Approved:

2020-05-01

Loan Status:

Charged Off

Lender:

JPMorgan Chase Bank, National Association

20 Times Rest LLC in New York, NY received a Paycheck Protection Loan of $3.49M through JPMorgan Chase Bank, National Association, which was approved in May, 2020.

This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA. The loan's status was last updated by the SBA in July, 2022.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

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, 20 Times Rest LLC's 2019 payroll expenses are estimated to be at least $16.76M.

Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $33,519 per employee¹

Reported PPP Proceed Usage:

On the PPP application, 20 Times Rest LLC reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $3,441,587
Health Care: $50,000

Because the loan received by 20 Times Rest LLC is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - 20 Times Rest LLC in New York, NY

20 Times Rest LLC
701 7th Ave
New York, NY 10036

Business Industry:
Unclassified Establishments
NAICS code 999990

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: New Business or 2 years or less

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

New York County, NY — SBA Office 0202 — Congressional District: NY-12

Businesses Using Same Address:

There is one other business that received a PPP loan registered to the same address as 20 Times Rest LLC.

20 Tsq Lessee LLC
Hotels (except Casino Hotels) and Motels

$3.28M PPP Loan

Similar Companies near New York

In the New York area, 109 businesses in the "Unclassified Establishments" industry received a PPP loan. These local businesses reported an average of 12 employees (compared to this company's 500) and received an average PPP loan of $97,872 (compared to this company's $3.49M).

Similar Nearby Businesses Who Received PPP Funding:

P & M USA, LLC
New York, NY

$37,802 PPP Loan

Cosmic Fischer Locks, Inc
New York, NY

$93,820 PPP Loan

Taylor Spellman New York, LLC
New York, NY

$37,500 PPP Loan

Cyberwarden Inc
New York, NY

$19,375 PPP Loan

Daveli Diamonds Inc
New York, NY

$4,450 PPP Loan

Penthera Partners Inc
New York, NY

$692,600 PPP Loan

Uptown Veg Inc
New York, NY

$42,410 PPP Loan

Rent Furnished NYC, LLC
New York, NY

$10,000 PPP Loan

DIO Mio Inc
New York, NY

$27,792 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 85,535 businesses in the "Unclassified Establishments" industry received a total of $3.66B 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 10 employees, 98% lower than 20 Times Rest LLC's reported 500 employees, and received an average PPP loan of $42,802, 99% lower than this company's loan of $3.49M.

FederalPay's PPP Information Policy

Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.

All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.

Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. Estimations for informational purposes only. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.

2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.

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