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PPP Loan Data — Fortney Hospitality Group Inc,
La Crosse, WI
Fortney Hospitality Group Inc
Entity: Corporation
Industry: Drinking Places (Alcoholic Beverages)
Location: La Crosse, WI
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Fortney Hospitality Group Inc is a corporation located at 308 3rd St S in La Crosse, Wisconsin that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in February, 2021.
$
PPP Loan Information
Loan #5941238408
Loan Size:
Jobs Retained:
73Loan Approved:
2021-02-09Loan Status:
Ongoing LoanLender:
Altra FCUFortney Hospitality Group Inc in La Crosse, WI received a Paycheck Protection Loan of $2M through Altra FCU, which was approved in February, 2021.
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.
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 73 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 96. 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, Fortney Hospitality Group Inc's 2019 payroll expenses are estimated to be at least $9.6M (not accounting for salary amounts > $100k).
Because the 73 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, Fortney Hospitality Group Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,998
- Utilities: $1
Business Information - Fortney Hospitality Group Inc in La Crosse, WI
308 3rd St S
La Crosse, WI 54601
Business Industry:
Drinking Places (Alcoholic Beverages)
NAICS code 722410
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: Y
HUBZone: Y
Rural / Urban: Urban
Similar Companies near La Crosse
In the La Crosse area, 55 businesses in the "Drinking Places (Alcoholic Beverages)" industry received a PPP loan. These local businesses reported an average of 13 employees (compared to this company's 73) and received an average PPP loan of $72,659 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Thomas Beal
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4 Sisters Inc
La Crosse, WI
Schmidty's II Inc
La Crosse, WI
John's Bar Inc
La Crosse, WI
Yosi Inc
La Crosse, WI
126 N. 3 RD Str
La Crosse, WI
Barrel Inn Inc
La Crosse, WI
Surf Lounge, Inc
La Crosse, WI
T.a. Young, Inc
La Crosse, WI
Industry PPP Comparison Statistics
Nationwide, 46,392 businesses in the "Drinking Places (Alcoholic Beverages)" industry received a total of $2.8B in PPP loans. This industry in total received less than 1% of the total PPP funding distributed.
PPP recipients in this industry report an average of 12 employees, 84% lower than Fortney Hospitality Group Inc's reported 73 employees, and received an average PPP loan of $60,256, 97% lower than this company's loan of $2M.
FRANCHISE
WIFortney Hospitality Group, Inc
Entity: Corporation
Industry: Offices of Other Holding Companies
Franchise: Brothers Est. 1967 Bar & Grill
Location: La Crosse, WI
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Fortney Hospitality Group, Inc is a corporation located at 308 3rd St South in La Crosse, Wisconsin that received a Coronavirus-related PPP loan from the SBA of $3,942,600.00 in April, 2020. This business is a Brothers Est. 1967 Bar & Grill franchise.
$
PPP Loan Information
Loan #5497777010
Loan Size:
Jobs Retained:
500Loan Approved:
2020-04-05Loan Status:
Ongoing LoanLender:
Altra FCUFortney Hospitality Group, Inc in La Crosse, WI received a Paycheck Protection Loan of $3.94M through Altra FCU, 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.
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, Fortney Hospitality Group, Inc's 2019 payroll expenses are estimated to be at least $18.92M.
Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $37,849 per employee1
Reported PPP Proceed Usage:
On the PPP application, Fortney Hospitality Group, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $3,942,600
Business Information - Fortney Hospitality Group, Inc in La Crosse, WI
308 3rd St South
La Crosse, WI 54601
Business Industry:
Offices of Other Holding Companies
NAICS code 551112
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: Y
HUBZone: Y
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 12,406 businesses in the "Offices of Other Holding Companies" industry received a total of $1.56B in PPP loans. This industry in total received less than 1% of the total PPP funding distributed.
PPP recipients in this industry report an average of 13 employees, 97% lower than Fortney Hospitality Group, Inc's reported 500 employees, and received an average PPP loan of $125,465, 97% lower than this company's loan of $3.94M.
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.
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