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PPP Loan Data — Amar Franchise Corporation, Fairport, NY

ALERT: There are 2 PPP loans for a total of $39,980 in our database for businesses with the name "Amar Franchise Corporation" in Fairport, NY. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Amar Franchise Corporation

FRANCHISE

NY

Amar Franchise Corporation

Entity: Subchapter S Corporation

Industry: Ice Cream and Frozen Dessert Manufacturing

Franchise: Abbott's Frozen Custard

Location: Fairport, NY

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Amar Franchise Corporation is a subchapter s corporation located at 1220 Fairport Rd in Fairport, New York that received a Coronavirus-related PPP loan from the SBA of $25,480.00 in January, 2021. This business is a Abbott's Frozen Custard franchise.

The company has reported itself as a female owned business, and employed at least fifteen people during the applicable loan loan period.

$ PPP Loan Information
Loan #7117288304

Loan Size:

$25,480

Jobs Retained:

15

Loan Approved:

2021-01-27

Loan Status:

Ongoing Loan

Lender:

Manufacturers and Traders Trust Company

Amar Franchise Corporation in Fairport, NY received a Paycheck Protection Loan of $25,480 through Manufacturers and Traders Trust Company, which was approved in January, 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 More
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.

Read More

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, Amar Franchise Corporation's 2019 payroll expenses are estimated to be at least $122,304.

Based on their reported 15 jobs retained, this equals an estimated average yearly compensation of $8,154 per employee1

Reported PPP Proceed Usage:

On the PPP application, Amar Franchise Corporation reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $25,476
  • Utilities: $1

Business Information - Amar Franchise Corporation in Fairport, NY

Amar Franchise Corporation
1220 Fairport Rd
Fairport, NY 14450

Business Industry:
Ice Cream and Frozen Dessert Manufacturing
NAICS code 311520

Business Owner Demographics

Race: Unreported

Ethnicity: Not Hispanic or Latino

Gender: Female Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Monroe County, NY — SBA Office 0219 — Congressional District: NY-25

Similar Companies near Fairport

In the Fairport area, 3 businesses in the "Ice Cream and Frozen Dessert Manufacturing" industry received a PPP loan. These local businesses reported an average of 10 employees (compared to this company's 15) and received an average PPP loan of $17,827 (compared to this company's $25,480).

Industry PPP Comparison Statistics

Nationwide, 2,071 businesses in the "Ice Cream and Frozen Dessert Manufacturing" industry received a total of $121.3M 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 12 employees, 20% lower than Amar Franchise Corporation's reported 15 employees, and received an average PPP loan of $58,571, 130% higher than this company's loan of $25,480.

SBA PPP loan data, payroll data, and salaries for Amar Franchise Corporation
NY

Amar Franchise Corporation

Entity: Subchapter S Corporation

Industry: Snack and Nonalcoholic Beverage Bars

Location: Fairport, NY

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Amar Franchise Corporation is a subchapter s corporation located at 1220 Fairport Road in Fairport, New York that received a Coronavirus-related PPP loan from the SBA of $14,500.00 in April, 2020.

$ PPP Loan Information
Loan #2368417301

Loan Size:

$14,500

Jobs Retained:

20

Loan Approved:

2020-04-29

Loan Status:

Paid in Full or Forgiven

Lender:

Manufacturers and Traders Trust Company

Amar Franchise Corporation in Fairport, NY received a Paycheck Protection Loan of $14,500 through Manufacturers and Traders 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 January, 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 More
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.

Read More

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, Amar Franchise Corporation's 2019 payroll expenses are estimated to be at least $69,600.

Based on their reported 20 jobs retained, this equals an estimated average yearly compensation of $3,480 per employee1

Reported PPP Proceed Usage:

On the PPP application, Amar Franchise Corporation reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $11,000
  • Utilities: $750
  • Rent: $2,750

Business Information - Amar Franchise Corporation in Fairport, NY

Amar Franchise Corporation
1220 Fairport Road
Fairport, NY 14450

Business Industry:
Snack and Nonalcoholic Beverage Bars
NAICS code 722515

Business Owner Demographics

Race: Unreported

Ethnicity: Not Hispanic or Latino

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Monroe County, NY — SBA Office 0219 — Congressional District: NY-25

Similar Companies near Fairport

In the Fairport area, 3 businesses in the "Snack and Nonalcoholic Beverage Bars" industry received a PPP loan. These local businesses reported an average of 12 employees (compared to this company's 20) and received an average PPP loan of $21,845 (compared to this company's $14,500).

Industry PPP Comparison Statistics

Nationwide, 27,681 businesses in the "Snack and Nonalcoholic Beverage Bars" industry received a total of $1.44B 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 11 employees, 45% lower than Amar Franchise Corporation's reported 20 employees, and received an average PPP loan of $52,130, 260% higher than this company's loan of $14,500.

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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Source: www.federalpay.org/paycheck-protection-program/amar-franchise-corporation-fairport-ny