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PPP Loan Data — Highland Suites Inc,
Los Angeles, CA
FRANCHISE
CAHighland Suites Inc
Entity: Corporation
Industry: Hotels (except Casino Hotels) and Motels
Franchise: Holiday Inn Express (License Agreement)
Location: Los Angeles, CA
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Highland Suites Inc is a corporation located at 1921 N Highland Ave in Los Angeles, California that received a Coronavirus-related PPP loan from the SBA of $182,203.00 in February, 2021. This business is a Holiday Inn Express (License Agreement) franchise.
The company has reported itself as an Asian male owned business, and employed at least ten people during the applicable loan loan period.
$
PPP Loan Information
Loan #8971348400
Loan Size:
Jobs Retained:
10Loan Approved:
2021-02-14Loan Status:
Ongoing LoanLender:
Bank of America, National AssociationHighland Suites Inc in Los Angeles, CA received a Paycheck Protection Loan of $182,203 through Bank of America, National Association, which was approved in February, 2021.
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 MoreUnderstanding 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 MoreBased 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, Highland Suites Inc's 2019 payroll expenses are estimated to be at least $874,574.
Based on their reported 10 jobs retained, this equals an estimated average yearly compensation of $87,457 per employee1
Reported PPP Proceed Usage:
On the PPP application, Highland Suites Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $182,199
- Utilities: $1
Business Information - Highland Suites Inc in Los Angeles, CA
1921 N Highland Ave
Los Angeles, CA 90068
Business Industry:
Hotels (except Casino Hotels) and Motels
NAICS code 721110
Business Owner Demographics
Race: Asian
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
Similar Companies near Los Angeles
In the Los Angeles area, 44 businesses in the "Hotels (except Casino Hotels) and Motels" industry received a PPP loan. These local businesses reported an average of 84 employees (compared to this company's 10) and received an average PPP loan of $951,536 (compared to this company's $182,203).
Similar Nearby Businesses Who Received PPP Funding:
1318 Flower Street LLC
Los Angeles, CA
Soho House West Hollywood LLC
West Hollywood, CA
EHT Esan, LLC
Century City, CA
Morning View Hotels- Bh I LLC
West Hollywood, CA
Cahuenga Pass Hotel, LLC
Los Angeles, CA
SV Club Owner LLC
West Hollywood, CA
Cuyama Buckhorn LLC
Los Angeles, CA
San Rafael Hillcrest LLC
Los Angeles, CA
Equity Hotel Supply Co. Inc
West Hollywood, CA
Industry PPP Comparison Statistics
Nationwide, 80,259 businesses in the "Hotels (except Casino Hotels) and Motels" industry received a total of $13.76B 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, 130% higher than Highland Suites Inc's reported 10 employees, and received an average PPP loan of $171,417, 6% lower than this company's loan of $182,203.
Highland Suites Inc
Entity: Corporation
Industry: Hotels (except Casino Hotels) and Motels
Location: Los Angeles, CA
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Highland Suites Inc is a corporation located at 1921 N Highland Ave in Los Angeles, California that received a Coronavirus-related PPP loan from the SBA of $300,951.00 in May, 2020.
The company has reported itself as an Asian male owned business, and employed at least 25 people during the applicable loan loan period.
$
PPP Loan Information
Loan #5204097701
Loan Size:
Jobs Retained:
25Loan Approved:
2020-05-01Loan Status:
Paid in Full or ForgivenLender:
Bank of America, National AssociationHighland Suites Inc in Los Angeles, CA received a Paycheck Protection Loan of $300,951 through Bank of America, National Association, which was approved in May, 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 March, 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 MoreUnderstanding 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 MoreBased 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, Highland Suites Inc's 2019 payroll expenses are estimated to be at least $1.44M.
Based on their reported 25 jobs retained, this equals an estimated average yearly compensation of $57,783 per employee1
Reported PPP Proceed Usage:
On the PPP application, Highland Suites Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $300,951
Business Information - Highland Suites Inc in Los Angeles, CA
1921 N Highland Ave
Los Angeles, CA 90068
Business Industry:
Hotels (except Casino Hotels) and Motels
NAICS code 721110
Business Owner Demographics
Race: Asian
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: New Business or 2 years or less
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near Los Angeles
In the Los Angeles area, 44 businesses in the "Hotels (except Casino Hotels) and Motels" industry received a PPP loan. These local businesses reported an average of 84 employees (compared to this company's 25) and received an average PPP loan of $951,536 (compared to this company's $300,951).
Similar Nearby Businesses Who Received PPP Funding:
1318 Flower Street LLC
Los Angeles, CA
Soho House West Hollywood LLC
West Hollywood, CA
EHT Esan, LLC
Century City, CA
Morning View Hotels- Bh I LLC
West Hollywood, CA
Cahuenga Pass Hotel, LLC
Los Angeles, CA
SV Club Owner LLC
West Hollywood, CA
Cuyama Buckhorn LLC
Los Angeles, CA
San Rafael Hillcrest LLC
Los Angeles, CA
Equity Hotel Supply Co. Inc
West Hollywood, CA
Industry PPP Comparison Statistics
Nationwide, 80,259 businesses in the "Hotels (except Casino Hotels) and Motels" industry received a total of $13.76B 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, 8% lower than Highland Suites Inc's reported 25 employees, and received an average PPP loan of $171,417, 43% lower than this company's loan of $300,951.
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.
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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