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PPP Loan Data — DE Foods LLC,
Hanover, MA
FRANCHISE
MADE Foods LLC
Entity: Limited Liability Company (LLC)
Industry: Limited-Service Restaurants
Franchise: KFC
Location: Hanover, MA
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DE Foods LLC is a limited liability company (LLC) located at 170 Olde Forge Rd in Hanover, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $3,680,900.00 in April, 2020. This business is a KFC franchise.
The company has reported itself as a White female owned business, and employed at least sixteen people during the applicable loan loan period.
$
PPP Loan Information
Loan #5315677004
Loan Size:
Jobs Retained:
16Loan Approved:
2020-04-05Loan Status:
Paid in Full or ForgivenLender:
City National BankDE Foods LLC in Hanover, MA received a Paycheck Protection Loan of $3.68M through City National Bank, 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.
The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 16 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 177. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
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, DE Foods LLC's 2019 payroll expenses are estimated to be at least $17.67M (not accounting for salary amounts > $100k).
Because the 16 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Reported PPP Proceed Usage:
On the PPP application, DE Foods LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,760,675
- Health Care: $920,225
Business Information - DE Foods LLC in Hanover, MA
170 Olde Forge Rd
Hanover, MA 2339
Business Industry:
Limited-Service Restaurants
NAICS code 722513
Business Owner Demographics
Race: White
Ethnicity: Unreported
Gender: Female Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Businesses Using Same Address:
There is one other business that received a PPP loan registered to the same address as DE Foods LLC.
DE Foods Inc
Limited-Service Restaurants
Similar Companies near Hanover
In the Hanover area, 12 businesses in the "Limited-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 24 employees (compared to this company's 16) and received an average PPP loan of $421,041 (compared to this company's $3.68M).
Similar Nearby Businesses Who Received PPP Funding:
West Hanover Pizzeria, Inc
Hanover, MA
Family&Friends Enterprise,Inc
Halifax, MA
Aral Restaurant Group Of Hanover, Inc
Hanover, MA
GQ Subs, LLC
Hanover, MA
DE Foods Inc
Hanover, MA
Mea's Dairy Bar, Inc
Halifax, MA
Farmers Donuts, Inc
Hanover, MA
Assinippi Webster St, LLC
Hanover, MA
Industry PPP Comparison Statistics
Nationwide, 136,535 businesses in the "Limited-Service Restaurants" industry received a total of $13.86B 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, 31% higher than DE Foods LLC's reported 16 employees, and received an average PPP loan of $101,537, 97% lower than this company's loan of $3.68M.
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.
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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