PPP Loan Data — Hoover Foods Inc, Suwanee, GA
Hoover Foods Inc is a corporation located at 4030 Johns Creek Pkwy in Suwanee, Georgia that received a Coronavirus-related PPP loan from the SBA of $2,207,750.00 in April, 2020. This business is a Wendy's franchise.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:First Horizon Bank
Hoover Foods Inc in Suwanee, GA received a Paycheck Protection Loan of $2.21M through First Horizon Bank, which was approved in April, 2020.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
Understanding Payroll Estimates Based On PPP Amount
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, Hoover Foods Inc's 2019 payroll expenses are estimated to be at least $10.6M.
Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $21,194 per employee1
Reported PPP Proceed Usage:
On the PPP application, Hoover Foods Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,766,200
- Utilities: $91,550
- Rent: $350,000
Business Information - Hoover Foods Inc in Suwanee, GA
4030 Johns Creek Pkwy
Suwanee, GA 30024
NAICS code 722513
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Suwanee
In the Suwanee area, 95 businesses in the "Limited-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 19 employees (compared to this company's 500) and received an average PPP loan of $73,254 (compared to this company's $2.21M).
Similar Nearby Businesses Who Received PPP Funding:
Cafe Mixx GA LLC
Cooking Belle LLC
Boston Coffee Inc
K & K Retail LLC
Poke Bar GA Suwanee, LLC
GOM Shabu LLC
SK Midwest Suwanee 1345 LLC
Industry PPP Comparison Statistics
Nationwide, 137,629 businesses in the "Limited-Service Restaurants" industry received a total of $13.9B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 2% of the total PPP funding allocated.
PPP recipients in this industry report an average of 21 employees, 96% lower than Hoover Foods Inc's reported 500 employees, and received an average PPP loan of $100,980, 95% lower than this company's loan of $2.21M.
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Footnotes & Information
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