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PPP Loan Data — HMR Acquisition Company, Inc, South Bend, IN

SBA PPP loan data, payroll data, and salaries for HMR Acquisition Company, Inc
IN

HMR Acquisition Company, Inc

Entity: Corporation

Industry: Full-Service Restaurants

Location: South Bend, IN

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HMR Acquisition Company, Inc is a corporation located at 1501 N Ironwood Dr in South Bend, Indiana that received a Coronavirus-related PPP loan from the SBA of $3,970,400.00 in April, 2020.

The company has reported itself as a male owned business, and employed at least 250 people during the applicable loan loan period.

$ PPP Loan Information
Loan #5018157005

Loan Size:

$3.97M

Jobs Retained:

250

Loan Approved:

2020-04-04

Loan Status:

Paid in Full or Forgiven

Lender:

Lake Forest Bank & Trust Company, National Association

HMR Acquisition Company, Inc in South Bend, IN received a Paycheck Protection Loan of $3.97M through Lake Forest Bank & Trust Company, National Association, 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.

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, HMR Acquisition Company, Inc's 2019 payroll expenses are estimated to be at least $19.06M.

Based on their reported 250 jobs retained, this equals an estimated average yearly compensation of $76,232 per employee1

Reported PPP Proceed Usage:

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

  • Payroll: $2,977,800
  • Utilities: $992,600
Because the loan received by HMR Acquisition 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 - HMR Acquisition Company, Inc in South Bend, IN

HMR Acquisition Company, Inc
1501 N Ironwood Dr
South Bend, IN 46635

Business Industry:
Full-Service Restaurants
NAICS code 722511

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

St Joseph County, IN — SBA Office 0562 — Congressional District: IN-02

Businesses Using Same Address:

There are 2 other businesses that received a PPP loan registered to the same address as HMR Acquisition Company, Inc.

Barbici, LLC
Full-Service Restaurants

$47,300 PPP Loan

Las Acquisition Company, Inc
Full-Service Restaurants

$170,400 PPP Loan

Similar Companies near South Bend

In the South Bend area, 9 businesses in the "Full-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 56 employees (compared to this company's 250) and received an average PPP loan of $556,195 (compared to this company's $3.97M).

Industry PPP Comparison Statistics

Nationwide, 326,480 businesses in the "Full-Service Restaurants" industry received a total of $42.51B in PPP loans. These businesses account for 3% of total PPP applications submitted, and received 5% of the total PPP funding allocated.

PPP recipients in this industry report an average of 22 employees, 91% lower than HMR Acquisition Company, Inc's reported 250 employees, and received an average PPP loan of $130,209, 97% lower than this company's loan of $3.97M.

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.


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Source: www.federalpay.org/paycheck-protection-program/hmr-acquisition-company-inc-south-bend-in