PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Heritage Distilling Company Inc, Gig Harbor, WA

ALERT: There are 2 PPP loans for a total of $5.78M in our database for businesses with the name "Heritage Distilling Company Inc" in Gig Harbor, WA. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Heritage Distilling Company Inc
WA

Heritage Distilling Company Inc

Entity: Corporation

Industry: Drinking Places (Alcoholic Beverages)

Location: Gig Harbor, WA

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Heritage Distilling Company Inc is a corporation located at 3207 57th Street Ct in Gig Harbor, Washington that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in January, 2021.

The company has reported itself as a male owned business, and employed at least 118 people during the applicable loan loan period.

$ PPP Loan Information
Loan #5087438300

Loan Size:

$2M

Jobs Retained:

118

Loan Approved:

2021-01-25

Loan Status:

Paid in Full or Forgiven

Lender:

Enterprise Bank & Trust

Heritage Distilling Company Inc in Gig Harbor, WA received a Paycheck Protection Loan of $2M through Enterprise Bank & Trust, which was approved in January, 2021.

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 September, 2021.

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, Heritage Distilling Company Inc's 2019 payroll expenses are estimated to be at least $9.6M.

Based on their reported 118 jobs retained, this equals an estimated average yearly compensation of $81,356 per employee1

Reported PPP Proceed Usage:

On the PPP application, Heritage Distilling Company Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,999,994
  • Utilities: $1
Because the loan received by Heritage Distilling Company Inc 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 - Heritage Distilling Company Inc in Gig Harbor, WA

Heritage Distilling Company Inc
3207 57th Street Ct
Gig Harbor, WA 98335

Business Industry:
Drinking Places (Alcoholic Beverages)
NAICS code 722410

Business Owner Demographics

Race: Unreported

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: Y

Rural / Urban: Urban

Pierce County, WA — SBA Office 1013 — Congressional District: WA-06

Similar Companies near Gig Harbor

In the Gig Harbor area, 2 businesses in the "Drinking Places (Alcoholic Beverages)" industry received a PPP loan. These local businesses reported an average of 66 employees (compared to this company's 118) and received an average PPP loan of $1,034,700 (compared to this company's $2M).

Similar Nearby Businesses Who Received PPP Funding:

Halftime Sports, LLC
Gig Harbor, WA

$69,400 PPP Loan

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, 90% lower than Heritage Distilling Company Inc's reported 118 employees, and received an average PPP loan of $60,256, 97% lower than this company's loan of $2M.

SBA PPP loan data, payroll data, and salaries for Heritage Distilling Company, Inc
WA

Heritage Distilling Company, Inc

Entity: Corporation

Industry: All Other Miscellaneous Food Manufacturing

Location: Gig Harbor, WA

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Heritage Distilling Company, Inc is a corporation located at 4021 Harborview Dr in Gig Harbor, Washington that received a Coronavirus-related PPP loan from the SBA of $3,776,100.00 in April, 2020.

The company has reported itself as a male owned business, and employed at least 152 people during the applicable loan loan period.

$ PPP Loan Information
Loan #4476277009

Loan Size:

$3.78M

Jobs Retained:

152

Loan Approved:

2020-04-03

Loan Status:

Paid in Full or Forgiven

Lender:

Enterprise Bank & Trust
Likely Employment Reduction3

Heritage Distilling Company, Inc in Gig Harbor, WA received a Paycheck Protection Loan of $3.78M through Enterprise Bank & Trust, 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 July, 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 152 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 181. 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 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, Heritage Distilling Company, Inc's 2019 payroll expenses are estimated to be at least $18.13M (not accounting for salary amounts > $100k).

Because the 152 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, Heritage Distilling Company, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $3,776,100
Because the loan received by Heritage Distilling Company, Inc 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 - Heritage Distilling Company, Inc in Gig Harbor, WA

Heritage Distilling Company, Inc
4021 Harborview Dr
Gig Harbor, WA 98332

Business Industry:
All Other Miscellaneous Food Manufacturing
NAICS code 311999

Business Owner Demographics

Race: Unreported

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Pierce County, WA — SBA Office 1013 — Congressional District: WA-06

Industry PPP Comparison Statistics

Nationwide, 4,608 businesses in the "All Other Miscellaneous Food Manufacturing" industry received a total of $550.82M 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 14 employees, 91% lower than Heritage Distilling Company, Inc's reported 152 employees, and received an average PPP loan of $119,536, 97% lower than this company's loan of $3.78M.

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.

3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.


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Source: www.federalpay.org/paycheck-protection-program/heritage-distilling-company-inc-gig-harbor-wa