PPP Loan Data — Gurney's Inn Resort And Spa, LLC, Montauk, NY

Gurney's Inn Resort And Spa, LLC is a limited liability company (LLC) located at 290 Old Montauk Hwy in Montauk, New York that received a Coronavirus-related PPP loan from the SBA of $3,738,700.00 in April, 2020.

The company has reported itself as a male owned business, and employed at least 172 people during the applicable loan loan period.

$ PPP Loan Information

Loan #7381167001

Gurney's Inn Resort And Spa, LLC in Montauk, NY received a Paycheck Protection Loan of $3.74M through Dime Community Bank, 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 November, 2021.

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 172 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 179. 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

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, Gurney's Inn Resort And Spa, LLC's 2019 payroll expenses are estimated to be at least $17.95M (not accounting for salary amounts > $100k).

Because the 172 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, Gurney's Inn Resort And Spa, LLC reported intending to use the proceeds of their PPP loan for the following expenses:

• Payroll: $3,738,700

Business Information - Gurney's Inn Resort And Spa, LLC in Montauk, NY

Similar Companies near Montauk

In the Montauk area, 24 businesses in the "Hotels (except Casino Hotels) and Motels" industry received a PPP loan. These local businesses reported an average of 25 employees (compared to this company's 172) and received an average PPP loan of $326,910 (compared to this company's $3.74M).

Industry PPP Comparison Statistics

Nationwide, 81,953 businesses in the "Hotels (except Casino Hotels) and Motels" industry received a total of $13.91B 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 23 employees, 87% lower than Gurney's Inn Resort And Spa, LLC's reported 172 employees, and received an average PPP loan of $169,738, 95% lower than this company's loan of $3.74M.