PPP Loan Data — Apple Eight Hospitality Management, Inc, Richmond, VA

Apple Eight Hospitality Management, Inc

Entity: Corporation

Industry: Hotels (except Casino Hotels) and Motels

Location: Richmond, VA

Apple Eight Hospitality Management, Inc is a corporation located at 814 E Main St in Richmond, Virginia that received a Coronavirus-related PPP loan from the SBA of $5,750,000.00 in April, 2020.

$ PPP Loan Information
Loan #2554437104

Loan Size:

$5.75M

Jobs Retained:

500

Loan Approved:

2020-04-10

Loan Status:

Paid in Full or Forgiven

Lender:

KeyBank National Association

Apple Eight Hospitality Management, Inc in Richmond, VA received a Paycheck Protection Loan of $5.75M through KeyBank 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 October, 2020.

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, Apple Eight Hospitality Management, Inc's 2019 payroll expenses are estimated to be at least $27.6M.

Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $55,200 per employee¹

Reported PPP Proceed Usage:

On the PPP application, Apple Eight Hospitality Management, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $5,750,000

Because the loan received by Apple Eight Hospitality Management, Inc 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 - Apple Eight Hospitality Management, Inc in Richmond, VA

Apple Eight Hospitality Management, Inc
814 E Main St
Richmond, VA 23219

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:

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

Richmond City County, VA — SBA Office 0304 — Congressional District: VA-04

Similar Companies near Richmond

In the Richmond area, 15 businesses in the "Hotels (except Casino Hotels) and Motels" industry received a PPP loan. These local businesses reported an average of 89 employees (compared to this company's 500) and received an average PPP loan of $804,497 (compared to this company's $5.75M).

Similar Nearby Businesses Who Received PPP Funding:

Hotel Cape Charles Operating LLC
Richmond, VA

$46,981 PPP Loan

Bijoy LLC
Richmond, VA

$857,892 PPP Loan

Hrip Miller & Rhoads Acquisition, LLC
Richmond, VA

$781,682 PPP Loan

Star Developments LLC
Richmond, VA

$544,397 PPP Loan

MDR Clemson Trs, LLC
Richmond, VA

$129,600 PPP Loan

700 Main Hmwd LLC
Richmond, VA

$577,443 PPP Loan

Hospitality 201 LLC
Richmond, VA

$94,002 PPP Loan

Omni Center Corporation
Richmond, VA

$1.38M PPP Loan

Industry PPP Comparison Statistics

Nationwide, 81,976 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, 95% lower than Apple Eight Hospitality Management, Inc's reported 500 employees, and received an average PPP loan of $169,775, 97% lower than this company's loan of $5.75M.

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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