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PPP Loan Data — King Quality Produce Inc, North Hollywood, CA

SBA PPP loan data, payroll data, and salaries for King Quality Produce Inc
CA

King Quality Produce Inc

Entity: Corporation

Industry: All Other Miscellaneous Crop Farming

Location: North Hollywood, CA

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King Quality Produce Inc is a corporation located at 6300 Carpenter Ave in North Hollywood, California that received a Coronavirus-related PPP loan from the SBA of $24,855.00 in June, 2020.

$ PPP Loan Information
Loan #8339467902

Loan Size:

$24,855

Jobs Retained:

6

Loan Approved:

2020-06-18

Loan Status:

Ongoing Loan

Lender:

Quontic Bank

King Quality Produce Inc in North Hollywood, CA received a Paycheck Protection Loan of $24,855 through Quontic Bank, which was approved in June, 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

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, King Quality Produce Inc's 2019 payroll expenses are estimated to be at least $119,304.

Based on their reported 6 jobs retained, this equals an estimated average yearly compensation of $19,884 per employee1

Reported PPP Proceed Usage:

On the PPP application, King Quality Produce Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $24,855

Business Information - King Quality Produce Inc in North Hollywood, CA

King Quality Produce Inc
6300 Carpenter Ave
North Hollywood, CA 91606

Business Industry:
All Other Miscellaneous Crop Farming
NAICS code 111998

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age:

LMI Zone: N

HUBZone: Y

Rural / Urban: Urban

Los Angeles County, CA — SBA Office 0914 — Congressional District: CA-29

Similar Companies near North Hollywood

In the North Hollywood area, 2 businesses in the "All Other Miscellaneous Crop Farming" industry received a PPP loan. These local businesses reported an average of 4 employees (compared to this company's 6) and received an average PPP loan of $15,340 (compared to this company's $24,855).

Similar Nearby Businesses Who Received PPP Funding:

Best Day Ever
Los Angeles, CA

$5,825 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 27,661 businesses in the "All Other Miscellaneous Crop Farming" industry received a total of $1.14B in PPP loans. This industry in total received less than 1% of the total PPP funding distributed.

PPP recipients in this industry report an average of 6 employees, the same amount reported by King Quality Produce Inc and received an average PPP loan of $41,062, 65% higher than this company's loan of $24,855.

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.


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Source: www.federalpay.org/paycheck-protection-program/king-quality-produce-inc-north-hollywood-ca