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PPP Loan Data — Lessings Inc,
Great River, NY
Lessings Inc
Entity: Corporation
Industry: Full-Service Restaurants
Location: Great River, NY
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Lessings Inc is a corporation located at 3500 Sunrise Hwy Ste 100 in Great River, New York that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in February, 2021.
$
PPP Loan Information
Loan #1563068507
Loan Size:
Jobs Retained:
500Loan Approved:
2021-02-19Loan Status:
Paid in Full or ForgivenLender:
The First National Bank of Long IslandLessings Inc in Great River, NY received a Paycheck Protection Loan of $2M through The First National Bank of Long Island, which was approved in February, 2021.
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 November, 2021.
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 MoreUnderstanding 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 MoreBased 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, Lessings Inc's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $19,200 per employee1
Reported PPP Proceed Usage:
On the PPP application, Lessings Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,000,000
Business Information - Lessings Inc in Great River, NY
3500 Sunrise Hwy Ste 100
Great River, NY 11739
Business Industry:
Full-Service Restaurants
NAICS code 722511
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: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near Great River
In the Great River area, 15 businesses in the "Full-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 114 employees (compared to this company's 500) and received an average PPP loan of $846,822 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Aztec Dream Inc
Farmingville, NY
DE Sousa & Coelho Restaurant Corp
Farmingville, NY
R&B Los Amigos Restaurant Inc
Farmingville, NY
Sousa & Martins Inc
Farmingville, NY
Arroyo Holding Corp
Farmingville, NY
Futun Spring Inc
Farmingville, NY
Healthy Meals Direct, LLC
Farmingville, NY
Great River Dining Inc
Great River, NY
Industry PPP Comparison Statistics
Nationwide, 326,443 businesses in the "Full-Service Restaurants" industry received a total of $42.51B 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, 96% lower than Lessings Inc's reported 500 employees, and received an average PPP loan of $130,215, 93% lower than this company's loan of $2M.
Lessings, Inc
Entity: Corporation
Industry: Full-Service Restaurants
Location: Great River, NY
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•
Search All PPP Data
Lessings, Inc is a corporation located at 3500 Sunrise Hwy in Great River, New York that received a Coronavirus-related PPP loan from the SBA of $9,769,882.00 in April, 2020.
$
PPP Loan Information
Loan #9517487100
Loan Size:
Jobs Retained:
500Loan Approved:
2020-04-15Loan Status:
Paid in Full or ForgivenLender:
The First National Bank of Long IslandLessings, Inc in Great River, NY received a Paycheck Protection Loan of $9.77M through The First National Bank of Long Island, which was approved in April, 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 July, 2021.
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 MoreUnderstanding 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 MoreBased 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, Lessings, Inc's 2019 payroll expenses are estimated to be at least $46.9M.
Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $93,791 per employee1
Reported PPP Proceed Usage:
On the PPP application, Lessings, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $9,769,882
Business Information - Lessings, Inc in Great River, NY
3500 Sunrise Hwy
Great River, NY 11739
Business Industry:
Full-Service Restaurants
NAICS code 722511
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: N
HUBZone: N
Rural / Urban: Urban
Businesses Using Same Address:
There are 3 other businesses that received a PPP loan registered to the same address as Lessings, Inc.
GYM Door Repairs Inc
All Other Miscellaneous Electrical Equipment and Component Manufacturing
Video Net Services Corporation
Commercial Printing (except Screen and Books)
Kellbenx Inc
Medical Laboratories
Similar Companies near Great River
In the Great River area, 15 businesses in the "Full-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 114 employees (compared to this company's 500) and received an average PPP loan of $846,822 (compared to this company's $9.77M).
Similar Nearby Businesses Who Received PPP Funding:
Aztec Dream Inc
Farmingville, NY
DE Sousa & Coelho Restaurant Corp
Farmingville, NY
R&B Los Amigos Restaurant Inc
Farmingville, NY
Sousa & Martins Inc
Farmingville, NY
Arroyo Holding Corp
Farmingville, NY
Futun Spring Inc
Farmingville, NY
Healthy Meals Direct, LLC
Farmingville, NY
Great River Dining Inc
Great River, NY
Industry PPP Comparison Statistics
Nationwide, 326,443 businesses in the "Full-Service Restaurants" industry received a total of $42.51B 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, 96% lower than Lessings, Inc's reported 500 employees, and received an average PPP loan of $130,215, 99% lower than this company's loan of $9.77M.
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.
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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