PPP Loan Data — Imagine Culinary Group, Burlingame, CA
Imagine Culinary Group is a corporation located at 1815 Easton Drive in Burlingame, California that received a Coronavirus-related PPP loan from the SBA of $2,449,561.00 in May, 2020.
The company has reported itself as a White male owned business, and employed at least 165 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Wells Fargo Bank, National Association
Imagine Culinary Group in Burlingame, CA received a Paycheck Protection Loan of $2.45M through Wells Fargo Bank, National Association, which was approved in May, 2020.
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
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, Imagine Culinary Group's 2019 payroll expenses are estimated to be at least $11.76M.
Based on their reported 165 jobs retained, this equals an estimated average yearly compensation of $71,260 per employee1
Reported PPP Proceed Usage:
On the PPP application, Imagine Culinary Group reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,449,561
Business Information - Imagine Culinary Group in Burlingame, CA
1815 Easton Drive
Burlingame, CA 94010
NAICS code 722511
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Burlingame
In the Burlingame area, 105 businesses in the "Full-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 23 employees (compared to this company's 165) and received an average PPP loan of $202,020 (compared to this company's $2.45M).
Similar Nearby Businesses Who Received PPP Funding:
Bayport Concessions, LLC
Foundas Inc. DBA Pinecrest Diner
Fiddlers Aires Inc
Too Tarts, LLC
Coconut Bay Inc
Mountain Goat Restaurant Inc
Industry PPP Comparison Statistics
Nationwide, 328,914 businesses in the "Full-Service Restaurants" industry received a total of $42.6B 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, 87% lower than Imagine Culinary Group's reported 165 employees, and received an average PPP loan of $129,504, 95% lower than this company's loan of $2.45M.
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Footnotes & Information
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