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PPP Loan Data — CON-Lee Restaurants Inc,
Palo Alto, CA
CON-Lee Restaurants Inc
Entity: Subchapter S Corporation
Industry: Limited-Service Restaurants
Location: Palo Alto, CA
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CON-Lee Restaurants Inc is a subchapter s corporation located at 265 Cambridge Ave #60568 in Palo Alto, California that received a Coronavirus-related PPP loan from the SBA of $3,052,100.00 in April, 2020.
$ PPP Loan Information
Loan Size:
Jobs Retained:
500Loan Approved:
2020-04-27Lender:
CASS COMMERCIAL BANKCON-Lee Restaurants Inc in Palo Alto, CA received a Paycheck Protection Loan of $3.05M through CASS COMMERCIAL BANK, which was approved in April, 2020.
Based on standard PPP eligibility rules, CON-Lee Restaurants Inc's total 2019 payroll expenses were approximately $14.65M 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 $29,300 per employee1.
Business Information - CON-Lee Restaurants Inc in Palo Alto, CA
265 Cambridge Ave #60568
Palo Alto, CA 94306
Business Industry
Limited-Service Restaurants (NAICS code 722513)
Business Owner Demographics
Race / Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Congressional District: CA-18Similar Companies near Palo Alto
In the Palo Alto area, 12 businesses in the "Limited-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 65 employees (compared to this company's 500) and received an average PPP loan of $379,583 (compared to this company's $3.05M).
Similar Nearby Businesses Who Received PPP Funding:
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Industry PPP Comparison Statistics
Nationwide, 79,996 businesses in the "Limited-Service Restaurants" industry received a total of $9,671,819,152.00 in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 2% of the total PPP funding allocated.
PPP recipients in this industry report an average of 23 employees, 95% lower than CON-Lee Restaurants Inc's reported 500 employees, and received an average PPP loan of $120,904, 96% lower than this company's loan of $3.05M.
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, 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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