PPP Loan Data — Creative Foods Corp, Garden City, NY

Creative Foods Corp

Entity: Corporation

Industry: Limited-Service Restaurants

Location: Garden City, NY

Creative Foods Corp is a corporation located at 200 Garden City Plz Ste 105 in Garden City, New York that received a Coronavirus-related PPP loan from the SBA of $3,745,380.00 in April, 2020.

$ PPP Loan Information
Loan #1954827206

Loan Size:

$3.75M

Jobs Retained:

500

Loan Approved:

2020-04-15

Loan Status:

Paid in Full or Forgiven

Lender:

Bank of America, National Association

Creative Foods Corp in Garden City, NY received a Paycheck Protection Loan of $3.75M through Bank of America, 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 August, 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.

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, Creative Foods Corp's 2019 payroll expenses are estimated to be at least $17.98M.

Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $35,956 per employee¹

Reported PPP Proceed Usage:

On the PPP application, Creative Foods Corp reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $3,745,380

Because the loan received by Creative Foods Corp 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 - Creative Foods Corp in Garden City, NY

Creative Foods Corp
200 Garden City Plz Ste 105
Garden City, NY 11530

Business Industry:
Limited-Service Restaurants
NAICS code 722513

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age:

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Nassau County, NY — SBA Office 0235 — Congressional District: NY-04

Similar Companies near Garden City

In the Garden City area, 35 businesses in the "Limited-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 27 employees (compared to this company's 500) and received an average PPP loan of $180,903 (compared to this company's $3.75M).

Similar Nearby Businesses Who Received PPP Funding:

Best Friends Burgers II LLC
Garden City, NY

$88,132 PPP Loan

Rieger LLP
Garden City, NY

$76,415 PPP Loan

Pizza Supreme, Inc
Garden City, NY

$33,725 PPP Loan

M O L O Deli LLC DBA 7Th Street
Garden City, NY

$34,947 PPP Loan

Gazebo Caterers Inc
Stewart Manor, NY

$41,247 PPP Loan

H&H Roosevelt Field Food LLC
Garden City, NY

$151,067 PPP Loan

LBS Eatery LLC
Garden City, NY

$26,645 PPP Loan

Mivili Restaurant Corp
Garden City, NY

$19,800 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 136,544 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 Creative Foods Corp's reported 500 employees, and received an average PPP loan of $101,555, 97% lower than this company's loan of $3.75M.

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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