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PPP Loan Data — Burgerbusters Inc,
Virginia Beach, VA
Burgerbusters Inc
Entity: Subchapter S Corporation
Industry: Limited-Service Restaurants
Location: Virginia Beach, VA
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Burgerbusters Inc is a subchapter s corporation located at 2242 W Great Neck Rd in Virginia Beach, Virginia that received a Coronavirus-related PPP loan from the SBA of $10,000,000.00 in April, 2020.
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PPP Loan Information
Loan #3773127208
Loan Size:
Jobs Retained:
500Loan Approved:
2020-04-27Loan Status:
Paid in Full or ForgivenLender:
PNC Bank, National AssociationBurgerbusters Inc in Virginia Beach, VA received a Paycheck Protection Loan of $10M through PNC Bank, 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 July, 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, Burgerbusters Inc's 2019 payroll expenses are estimated to be at least $48M.
Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $96,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Burgerbusters Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $9,998,000
- Utilities: $1,000
- Rent: $1,000
Business Information - Burgerbusters Inc in Virginia Beach, VA
2242 W Great Neck Rd
Virginia Beach, VA 23451
Business Industry:
Limited-Service Restaurants
NAICS code 722513
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
Businesses Using Same Address:
There are 2 other businesses that received a PPP loan registered to the same address as Burgerbusters Inc.
Bpizza Of West Virginia LLC
Limited-Service Restaurants
Bpizza Of South Carolina LLC
Limited-Service Restaurants
Similar Companies near Virginia Beach
In the Virginia Beach area, 72 businesses in the "Limited-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 26 employees (compared to this company's 500) and received an average PPP loan of $218,207 (compared to this company's $10M).
Similar Nearby Businesses Who Received PPP Funding:
Rivive Hospitality Corp
Virginia Beach, VA
Beach Conveniance LLC
Virginia Beach, VA
Hdsd,Inc
Virginia Beach, VA
Smoothee Stop LLC
Virginia Beach, VA
Stone Bridge A & J Inc
Virginia Beach, VA
Iggles LTD
Virginia Beach, VA
Antipasta Ventures LLC
Virginia Beach, VA
Pooja Enterprise Inc
Virginia Beach, VA
Industry PPP Comparison Statistics
Nationwide, 136,545 businesses in the "Limited-Service Restaurants" industry received a total of $13.87B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 2% of the total PPP funding allocated.
PPP recipients in this industry report an average of 21 employees, 96% lower than Burgerbusters Inc's reported 500 employees, and received an average PPP loan of $101,556, 99% lower than this company's loan of $10M.
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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