PPP Loan Data — Cannery Row Hotel Development Venture LP, Monterey, CA
Cannery Row Hotel Development Venture LP is a partnership located at 750 Cannery Row in Monterey, California that received a Coronavirus-related PPP loan from the SBA of $2,042,366.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Cannery Row Hotel Development Venture LP in Monterey, CA received a Paycheck Protection Loan of $2.04M through Riverview Bank, which was approved in April, 2020.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
Understanding Payroll Estimates Based On PPP Amount
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, Cannery Row Hotel Development Venture LP's 2019 payroll expenses are estimated to be at least $9.8M.
Based on their reported 178 jobs retained, this equals an estimated average yearly compensation of $55,075 per employee1
Reported PPP Proceed Usage:
On the PPP application, Cannery Row Hotel Development Venture LP reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,042,366
Business Information - Cannery Row Hotel Development Venture LP in Monterey, CA
750 Cannery Row
Monterey, CA 93940
Hotels (except Casino Hotels) and Motels
NAICS code 721110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Monterey
In the Monterey area, 80 businesses in the "Hotels (except Casino Hotels) and Motels" industry received a PPP loan. These local businesses reported an average of 20 employees (compared to this company's 178) and received an average PPP loan of $171,389 (compared to this company's $2.04M).
Similar Nearby Businesses Who Received PPP Funding:
Monterey Surf Inn
El Dorado Inn
Del Monte Hospitality
Marotta Cosentino And Mitchell De Anza Inn
Bhrij Hospitality LLC
Peninsula Hospitality Inc
Industry PPP Comparison Statistics
Nationwide, 82,605 businesses in the "Hotels (except Casino Hotels) and Motels" industry received a total of $13.95B 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, 87% lower than Cannery Row Hotel Development Venture LP's reported 178 employees, and received an average PPP loan of $168,829, 92% lower than this company's loan of $2.04M.
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Footnotes & Information
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