Fearless, Inc in Paia, HI - SBA PPP Loan Data (Paycheck Protection Program)

PPP Loan Data — Fearless, Inc, Paia, HI

Fearless, Inc

Entity: Corporation

Industry: Full-Service Restaurants

Location: Paia, HI

Fearless, Inc is a corporation located at 799 Poho Pl in Paia, Hawaii that received a Coronavirus-related PPP loan from the SBA of $4,248,400.00 in April, 2020.

$ PPP Loan Information
Loan #5552307002

Loan Size:

$4.25M

Jobs Retained:

373

Loan Approved:

2020-04-05

Loan Status:

Ongoing Loan

Lender:

First Hawaiian Bank

Fearless, Inc in Paia, HI received a Paycheck Protection Loan of $4.25M through First Hawaiian Bank, which was approved in April, 2020.

This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.

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, Fearless, Inc's 2019 payroll expenses are estimated to be at least $20.39M.

Based on their reported 373 jobs retained, this equals an estimated average yearly compensation of $54,671 per employee¹

Reported PPP Proceed Usage:

On the PPP application, Fearless, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $4,248,400

Because the loan received by Fearless, Inc 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 - Fearless, Inc in Paia, HI

Fearless, Inc
799 Poho Pl
Paia, HI 96779

Business Industry:
Full-Service Restaurants
NAICS code 722511

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: Y

Rural / Urban: Urban

Maui County, HI — SBA Office 0951 — Congressional District: HI-02

Similar Companies near Paia

In the Paia area, 23 businesses in the "Full-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 42 employees (compared to this company's 373) and received an average PPP loan of $376,963 (compared to this company's $4.25M).

Similar Nearby Businesses Who Received PPP Funding:

Paia Inn Cafe, LLC
Paia, HI

$166,700 PPP Loan

Charley's Restaurant & Saloon LLC
Paia, HI

$251,800 PPP Loan

Pele's Kitchen , LLC
Pahoa, HI

$5,875 PPP Loan

Rock & Brews Paia, LLC
Paia, HI

$273,500 PPP Loan

Tin Shack Bakery LLC
Pahoa, HI

$81,238 PPP Loan

Ophelia Kennealy
Pahoa, HI

$21,220 PPP Loan

Flatbread Paia LLC
Paia, HI

$401,645 PPP Loan

Surf Club, Inc
Paia, HI

$85,200 PPP Loan

Pahoa Productions LLC
Pahoa, HI

$259,122 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 326,480 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, 94% lower than Fearless, Inc's reported 373 employees, and received an average PPP loan of $130,209, 97% lower than this company's loan of $4.25M.

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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