Frsco Corporation in Las Vegas, NV - SBA PPP Loan Data (Paycheck Protection Program)

PPP Loan Data — Frsco Corporation, Las Vegas, NV

FRANCHISE

Frsco Corporation

Entity: Subchapter S Corporation

Industry: Limited-Service Restaurants

Franchise: McDonalds

Location: Las Vegas, NV

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Frsco Corporation is a subchapter s corporation located at 6960 S Cimarron Rd Suite 200 in Las Vegas, Nevada that received a Coronavirus-related PPP loan from the SBA of $2,645,818.00 in April, 2020. This business is a McDonalds franchise.

The company has reported itself as a Black or african american male veteran owned business, and employed at least 500 people during the applicable loan loan period.

$ PPP Loan Information
Loan #9347057009

Loan Size:

$2.65M

Jobs Retained:

500

Loan Approved:

2020-04-09

Loan Status:

Ongoing Loan

Lender:

CBW Bank

Frsco Corporation in Las Vegas, NV received a Paycheck Protection Loan of $2.65M through CBW 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, Frsco Corporation's 2019 payroll expenses are estimated to be at least $12.7M.

Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $25,400 per employee¹

Reported PPP Proceed Usage:

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

Payroll: $2,645,818

Because the loan received by Frsco Corporation 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 - Frsco Corporation in Las Vegas, NV

Frsco Corporation
6960 S Cimarron Rd Suite 200
Las Vegas, NV 89113

Business Industry:
Limited-Service Restaurants
NAICS code 722513

Business Owner Demographics

Race: Black or African American

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Clark County, NV — SBA Office 0944 — Congressional District: NV-03

Similar Companies near Las Vegas

In the Las Vegas area, 17 businesses in the "Limited-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 41 employees (compared to this company's 500) and received an average PPP loan of $252,303 (compared to this company's $2.65M).

Similar Nearby Businesses Who Received PPP Funding:

Jian And X, LLC
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$4,375 PPP Loan

Great Greek Partners LLC
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$40,700 PPP Loan

The Juice Box Lv LLC
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$49,476 PPP Loan

Vegas Cap 2, LLC
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$27,900 PPP Loan

Legendary Roundhouse LLC
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$14,500 PPP Loan

Wftlv01, LLC
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$108,923 PPP Loan

Clod, LLC
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$73,240 PPP Loan

Reese's Fresh Five
Las Vegas, NV

$20,343 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 136,560 businesses in the "Limited-Service Restaurants" industry received a total of $13.87B 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, 96% lower than Frsco Corporation's reported 500 employees, and received an average PPP loan of $101,544, 96% lower than this company's loan of $2.65M.

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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