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PPP Loan Data — Jong Woo Kim, Fort Worth, TX

SBA PPP loan data, payroll data, and salaries for Jong Woo Kim
TX

Jong Woo Kim

Entity: Sole Proprietorship

Industry: Limited-Service Restaurants

Location: Fort Worth, TX

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Jong Woo Kim is a sole proprietorship located in Fort Worth, Texas that received a Coronavirus-related PPP loan from the SBA of $25,744.00 in March, 2021.

$ PPP Loan Information
Loan #5391948610

Loan Size:

$25,744

Jobs Retained:

1

Loan Approved:

2021-03-20

Loan Status:

Ongoing Loan

Lender:

Readycap Lending, LLC
Likely Employment Reduction3

Jong Woo Kim in Fort Worth, TX received a Paycheck Protection Loan of $25,744 through Readycap Lending, LLC, which was approved in March, 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.

The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 1 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.

The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 1. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.


PPP Calculation Note: The total PPP loan an eligible business or individual can receive is based on 2.5 times their average monthly 2019 payroll expenses, capped at $100,000 annually per employee.

Reported PPP Proceed Usage:

On the PPP application, Jong Woo Kim reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $25,740
  • Utilities: $1

Business Information - Jong Woo Kim in Fort Worth, TX

Jong Woo Kim
Fort Worth, TX
* Full address is redacted to protect the privacy of individuals.

Business Industry:
Limited-Service Restaurants
NAICS code 722513

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

Tarrant County, TX — SBA Office 0610 — Congressional District: TX-33

Similar Companies near Fort Worth

In the Fort Worth area, 12 businesses in the "Limited-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 9 employees (compared to this company's 1) and received an average PPP loan of $35,428 (compared to this company's $25,744).

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, 2000% higher than Jong Woo Kim's reported 1 employees, and received an average PPP loan of $100,980, 292% higher than this company's loan of $25,744.

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.

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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.

3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.


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Source: www.federalpay.org/paycheck-protection-program/jong-woo-kim-fort-worth-tx