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PPP Loan Data — Golden Krust Caribbean Bakery,, Bronx, NY

SBA PPP loan data, payroll data, and salaries for Golden Krust Caribbean Bakery,
NY

Golden Krust Caribbean Bakery,

Entity: Corporation

Industry: Perishable Prepared Food Manufacturing

Location: Bronx, NY

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Golden Krust Caribbean Bakery, is a corporation located at 3958 Park Ave in Bronx, New York that received a Coronavirus-related PPP loan from the SBA of $3,177,588.00 in April, 2020.

The company has reported itself as a Black or african american male owned business, and employed at least 216 people during the applicable loan loan period.

$ PPP Loan Information
Loan #3932637108

Loan Size:

$3.18M

Jobs Retained:

216

Loan Approved:

2020-04-12

Loan Status:

Ongoing Loan

Lender:

Bank of America, National Association

Golden Krust Caribbean Bakery, in Bronx, NY received a Paycheck Protection Loan of $3.18M through Bank of America, National Association, 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 More
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.

Read More

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, Golden Krust Caribbean Bakery,'s 2019 payroll expenses are estimated to be at least $15.25M.

Based on their reported 216 jobs retained, this equals an estimated average yearly compensation of $70,613 per employee1

Reported PPP Proceed Usage:

On the PPP application, Golden Krust Caribbean Bakery, reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $3,177,588
Because the loan received by Golden Krust Caribbean Bakery, 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 - Golden Krust Caribbean Bakery, in Bronx, NY

Golden Krust Caribbean Bakery,
3958 Park Ave
Bronx, NY 10457

Business Industry:
Perishable Prepared Food Manufacturing
NAICS code 311991

Business Owner Demographics

Race: Black or African American

Ethnicity: Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age:

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

Bronx County, NY — SBA Office 0202 — Congressional District: NY-15

Similar Companies near Bronx

In the Bronx area, 2 businesses in the "Perishable Prepared Food Manufacturing" industry received a PPP loan. These local businesses reported an average of 120 employees (compared to this company's 216) and received an average PPP loan of $1,714,494 (compared to this company's $3.18M).

Similar Nearby Businesses Who Received PPP Funding:

United Pickle Products Corp
Bronx, NY

$251,400 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 2,031 businesses in the "Perishable Prepared Food Manufacturing" industry received a total of $302.68M 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 18 employees, 92% lower than Golden Krust Caribbean Bakery,'s reported 216 employees, and received an average PPP loan of $149,029, 95% lower than this company's loan of $3.18M.

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.

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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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Source: www.federalpay.org/paycheck-protection-program/golden-krust-caribbean-bakery-bronx-ny