PPP Loan Data — Employee Resource Group, LLC, Hazard, KY

Employee Resource Group, LLC is a limited liability company (LLC) located at 601 Main Street Suite 102 in Hazard, Kentucky that received a Coronavirus-related PPP loan from the SBA of $7,834,500.00 in April, 2020. This business is a Applebee's Neighborhood Grill & Bar franchise.

$ PPP Loan Information

Loan #5225007009

Employee Resource Group, LLC in Hazard, KY received a Paycheck Protection Loan of $7.83M through Central Bank & Trust Co., 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 July, 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 50 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 376. 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

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, Employee Resource Group, LLC's 2019 payroll expenses are estimated to be at least $37.61M (not accounting for salary amounts > $100k).

Because the 50 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, Employee Resource Group, LLC reported intending to use the proceeds of their PPP loan for the following expenses:

• Payroll: $5,875,800
• Utilities: $979,300
• Mortgage Interest: $979,400

Business Information - Employee Resource Group, LLC in Hazard, KY

Similar Companies near Hazard

In the Hazard area, 9 businesses in the "Full-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 29 employees (compared to this company's 50) and received an average PPP loan of $952,539 (compared to this company's $7.83M).

Industry PPP Comparison Statistics

Nationwide, 326,443 businesses in the "Full-Service Restaurants" industry received a total of $42.51B in PPP loans. These businesses account for 3% of total PPP applications submitted, and received 5% of the total PPP funding allocated.

PPP recipients in this industry report an average of 22 employees, 56% lower than Employee Resource Group, LLC's reported 50 employees, and received an average PPP loan of $130,215, 98% lower than this company's loan of $7.83M.