PPP Loan Data — Ggsubs4U Inc T/A Greater Grinders Submarines, Portsmouth, VA
Ggsubs4U Inc T/A Greater Grinders Submarines is a corporation located at 3501 High Street in Portsmouth, Virginia that received a Coronavirus-related PPP loan from the SBA of $25,100.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Truist Bank d/b/a Branch Banking & Trust Co
Ggsubs4U Inc T/A Greater Grinders Submarines in Portsmouth, VA received a Paycheck Protection Loan of $25,100 through Truist Bank d/b/a Branch Banking & 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 February, 2021.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
Understanding Payroll Estimates Based On PPP Amount
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, Ggsubs4U Inc T/A Greater Grinders Submarines' 2019 payroll expenses are estimated to be at least $120,480.
Based on their reported 8 jobs retained, this equals an estimated average yearly compensation of $15,060 per employee1
Reported PPP Proceed Usage:
On the PPP application, Ggsubs4U Inc T/A Greater Grinders Submarines reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,100
Business Information - Ggsubs4U Inc T/A Greater Grinders Submarines in Portsmouth, VA
3501 High Street
Portsmouth, VA 23707
NAICS code 722513
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Portsmouth
In the Portsmouth area, 8 businesses in the "Limited-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 10 employees (compared to this company's 8) and received an average PPP loan of $27,210 (compared to this company's $25,100).
Similar Nearby Businesses Who Received PPP Funding:
Airline Pizza Inc
Chin Brothers Inc
Go White Pizza LLC
AP Subway Inc
AVI Parth Subway
Industry PPP Comparison Statistics
Nationwide, 137,629 businesses in the "Limited-Service Restaurants" industry received a total of $13.9B 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, 163% higher than Ggsubs4U Inc T/A Greater Grinders Submarines' reported 8 employees, and received an average PPP loan of $100,980, 302% higher than this company's loan of $25,100.
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Footnotes & Information
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