FederalPay.org
PPP Loan Data — Cromwell Soho Operating LLC,
New York, NY
Cromwell Soho Operating LLC
Entity: Limited Liability Company (LLC)
Industry: Hotels (except Casino Hotels) and Motels
Location: New York, NY
Tweet This
•
Search All PPP Data
Cromwell Soho Operating LLC is a limited liability company (LLC) located at 60 Thompson Street in New York, New York that received a Coronavirus-related PPP loan from the SBA of $833,000.00 in May, 2020.
$ PPP Loan Information
Loan Size:
Jobs Retained:
52Loan Approved:
2020-05-02Lender:
CITIBANK, N.A.Cromwell Soho Operating LLC received a Paycheck Protection Loan of $833,000 through CITIBANK, N.A., which was approved in May, 2020.
2019 Payroll Estimations based On PPP Amount:
Assuming all employees were paid over the $100k eligibility cap, the minimum number of employees this company must have had in 2019 to qualify for the loan range received is 0.
Based on standard PPP eligibility rules, Cromwell Soho Operating LLC's total 2019 payroll expenses were approximately $4M in order to qualify for the PPP loan amount received.
Based on their reported 52 jobs retained, this equals an estimated average yearly compensation of $76,892 per employee1.
Business Information - Cromwell Soho Operating LLC in New York, NY
60 Thompson Street
New York, NY 10012
Business Industry
Hotels (except Casino Hotels) and Motels (NAICS code 721110)
Business Owner Demographics
Race / Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Congressional District: NY-10Similar Companies near New York
In the New York area, 27 businesses in the "Hotels (except Casino Hotels) and Motels" industry received a PPP loan. These local businesses reported an average of 46 employees (compared to this company's 52) and received an average PPP loan of $786,545 (compared to this company's $833,000).
Similar Nearby Businesses Who Received PPP Funding:
93 Bowery Holdings LLC
New York, NY
The Madison Fire Island Pines LLC
New York, NY
Hotel Mulberry Corp
New York, NY
Tribeca Trs LLC
New York, NY
Selina Operations Us Corp
New York, NY
Pacific 4, LLC
New York, NY
Warm NY LLC
New York, NY
The Kaaterskill Network Inc
New York, NY
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, 60% lower than Cromwell Soho Operating LLC's reported 52 employees, and received an average PPP loan of $161,149, 81% lower than this company's loan of $833,000.
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. 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.
Have FederalPay.org's open data tools been valuable? Consider donating!