PPP Loan Data — Apple Eight Hospitality Management, Inc., 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
Lender:KEYBANK NATIONAL ASSOCIATION
Apple Eight Hospitality Management, Inc. received a Paycheck Protection Loan of $5.75M through KEYBANK NATIONAL ASSOCIATION, which was approved in April, 2020.
Based on standard PPP eligibility rules, Apple Eight Hospitality Management, Inc.'s total 2019 payroll expenses were approximately $27.6M in order to qualify for the PPP loan amount received.
Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $55,200 per employee1.
Business Information - Apple Eight Hospitality Management, Inc. in Richmond, VA
814 E Main St
Richmond, VA 23219
Hotels (except Casino Hotels) and Motels (NAICS code 721110)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: VA-04
Similar Companies near Richmond
In the Richmond area, 10 businesses in the "Hotels (except Casino Hotels) and Motels" industry received a PPP loan. These local businesses reported an average of 103 employees (compared to this company's 500) and received an average PPP loan of $990,548 (compared to this company's $5.75M).
Similar Nearby Businesses Who Received PPP Funding:
Hospitality 201 LLC
700 Main Hmwd LLC
Hrip Miller & Rhoads Acquisition, LLC
MDR Greensboro HI Trs, LLC
MDR Clemson Trs, LLC
Blackburn Inn Operator, LLC
Omni Center Corporation
Industry PPP Comparison Statistics
Nationwide, 41,528 businesses in the "Hotels (except Casino Hotels) and Motels" industry received a total of $6,692,184,447.00 in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 21 employees, 96% lower than Apple Eight Hospitality Management, Inc.'s reported 500 employees, and received an average PPP loan of $161,149, 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.
Footnotes & Information
1. 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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