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PPP Loan Data — 246 Spring Street (NY) LLC,
New York, NY
246 Spring Street (NY) LLC
Entity: Limited Liability Company (LLC)
Industry: Hotels (except Casino Hotels) and Motels
Location: New York, NY
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246 Spring Street (NY) LLC is a limited liability company (LLC) located at 540 Madison Ave Fl 8 in New York, New York that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in February, 2021.
$
PPP Loan Information
Loan #4002518406
Loan Size:
Jobs Retained:
109Loan Approved:
2021-02-05Loan Status:
Ongoing LoanLender:
City National Bank246 Spring Street (NY) LLC in New York, NY received a Paycheck Protection Loan of $2M through City National Bank, which was approved in February, 2021.
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.
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.
Read MoreUnderstanding 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.
Read MoreBased 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, 246 Spring Street (NY) LLC's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 109 jobs retained, this equals an estimated average yearly compensation of $88,073 per employee1
Reported PPP Proceed Usage:
On the PPP application, 246 Spring Street (NY) LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,998
- Utilities: $1
Business Information - 246 Spring Street (NY) LLC in New York, NY
540 Madison Ave Fl 8
New York, NY 10022
Business Industry:
Hotels (except Casino Hotels) and Motels
NAICS code 721110
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near New York
In the New York area, 78 businesses in the "Hotels (except Casino Hotels) and Motels" industry received a PPP loan. These local businesses reported an average of 87 employees (compared to this company's 109) and received an average PPP loan of $1,156,957 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Beacway Operating, LLC
New York, NY
HN Green Hollow Capital Partners LLC
New York, NY
Easthill Hotel Corp
New York, NY
Elysee Hotel Hospitality LLC
New York, NY
12. 18 San Carlos Operations LLC
New York, NY
Arkada Plus Corp
New York, NY
TSE Real Estate Management Corp
New York, NY
Gtown Holdings LLC
New York, NY
I Shops Member LLC
New York, NY
Industry PPP Comparison Statistics
Nationwide, 81,995 businesses in the "Hotels (except Casino Hotels) and Motels" industry received a total of $13.92B 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 23 employees, 79% lower than 246 Spring Street (NY) LLC's reported 109 employees, and received an average PPP loan of $169,748, 92% lower than this company's loan of $2M.
246 Spring Street (NY), LLC
Entity: Limited Liability Company (LLC)
Industry: Hotels (except Casino Hotels) and Motels
Location: New York, NY
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246 Spring Street (NY), LLC is a limited liability company (LLC) located at 246 Spring St in New York, New York that received a Coronavirus-related PPP loan from the SBA of $6,283,517.00 in April, 2020.
$
PPP Loan Information
Loan #6582107203
Loan Size:
Jobs Retained:
328Loan Approved:
2020-04-28Loan Status:
Paid in Full or ForgivenLender:
City National Bank246 Spring Street (NY), LLC in New York, NY received a Paycheck Protection Loan of $6.28M through City National 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 October, 2021.
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.
Read MoreUnderstanding 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.
Read MoreBased 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, 246 Spring Street (NY), LLC's 2019 payroll expenses are estimated to be at least $30.16M.
Based on their reported 328 jobs retained, this equals an estimated average yearly compensation of $91,954 per employee1
Reported PPP Proceed Usage:
On the PPP application, 246 Spring Street (NY), LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $5,026,813
- Utilities: $314,176
- Health Care: $314,176
- Debt Interest: $628,352
Business Information - 246 Spring Street (NY), LLC in New York, NY
246 Spring St
New York, NY 10013
Business Industry:
Hotels (except Casino Hotels) and Motels
NAICS code 721110
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near New York
In the New York area, 73 businesses in the "Hotels (except Casino Hotels) and Motels" industry received a PPP loan. These local businesses reported an average of 61 employees (compared to this company's 328) and received an average PPP loan of $807,362 (compared to this company's $6.28M).
Similar Nearby Businesses Who Received PPP Funding:
Is Development LLC
New York, NY
Nobleden NYC Corp
New York, NY
Seaport Heights LLC DBA Fairfield Inn &
New York, NY
Fortuna Realty Hotel Soho
New York, NY
The Collective (Living) Paper Factory Inc
New York, NY
7 Cornelia Hospitality, LLC
New York, NY
Selina Operations Us Corp
New York, NY
Richland Holding LLC
New York, NY
Soho Village Hotel LLC
New York, NY
Industry PPP Comparison Statistics
Nationwide, 81,995 businesses in the "Hotels (except Casino Hotels) and Motels" industry received a total of $13.92B 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 23 employees, 93% lower than 246 Spring Street (NY), LLC's reported 328 employees, and received an average PPP loan of $169,748, 97% lower than this company's loan of $6.28M.
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.
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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