PPP Loan Data — It Happens To Be A Thai Restaurant, Cleveland, OH
It Happens To Be A Thai Restaurant is a partnership located at 3710 Payne Ave in Cleveland, Ohio that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in June, 2020.
The company has reported itself as an Asian female owned business, and employed at least four people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:U.S. Bank, National Association
It Happens To Be A Thai Restaurant in Cleveland, OH received a Paycheck Protection Loan of $25,000 through U.S. Bank, National Association, which was approved in June, 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 June, 2021.
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, It Happens To Be A Thai Restaurant's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $30,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, It Happens To Be A Thai Restaurant reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - It Happens To Be A Thai Restaurant in Cleveland, OH
3710 Payne Ave
Cleveland, OH 44114
NAICS code 722513
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Female Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Cleveland
In the Cleveland area, 89 businesses in the "Limited-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 12 employees (compared to this company's 4) and received an average PPP loan of $65,161 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Original Barrister's Inc
Noble Beast Brewing LLC
Yuzu King Inc
Ohio PC Cooperative
E.b. Pizza LLC
N. T. A. Corporation
AP Lounge, 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, 425% higher than It Happens To Be A Thai Restaurant's reported 4 employees, and received an average PPP loan of $100,980, 304% higher than this company's loan of $25,000.
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Footnotes & Information
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