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PPP Loan Data — Local Favorite Restaurants LLC,
Dallas, TX
Local Favorite Restaurants LLC
Entity: Limited Liability Company (LLC)
Industry: Full-Service Restaurants
Location: Dallas, TX
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Local Favorite Restaurants LLC is a limited liability company (LLC) located at 1845 Woodall Rodgers Fwy Ste 1100 in Dallas, Texas that received a Coronavirus-related PPP loan from the SBA of $1,999,998.00 in February, 2021.
The company has reported itself as a male owned business, and employed at least 300 people during the applicable loan loan period.
$
PPP Loan Information
Loan #6749678405
Loan Size:
Jobs Retained:
300Loan Approved:
2021-02-10Loan Status:
Paid in Full or ForgivenLender:
Citizens National Bank of TexasLocal Favorite Restaurants LLC in Dallas, TX received a Paycheck Protection Loan of $2M through Citizens National Bank of Texas, 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 April, 2022.
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, Local Favorite Restaurants LLC's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 300 jobs retained, this equals an estimated average yearly compensation of $32,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Local Favorite Restaurants LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,998
Business Information - Local Favorite Restaurants LLC in Dallas, TX
1845 Woodall Rodgers Fwy Ste 1100
Dallas, TX 75201
Business Industry:
Full-Service Restaurants
NAICS code 722511
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Male Owned
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 is one other business that received a PPP loan registered to the same address as Local Favorite Restaurants LLC.
Local Favorite Restaurant Management LLC
Full-Service Restaurants
Similar Companies near Dallas
In the Dallas area, 141 businesses in the "Full-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 41 employees (compared to this company's 300) and received an average PPP loan of $348,143 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Oven & Cellar 1, LLC
Dallas, TX
CHI Management, LLC
Dallas, TX
Wild Salsa Allen, LLC
Dallas, TX
Texas Amp, LTD
Dallas, TX
Family Thais LLC
Dallas, TX
Global Drg Management Inc
Dallas, TX
Restaurant Works Inc
Dallas, TX
Nick & Sam's Steak & Fish House LTD
Dallas, TX
Mudbug All In Fun LLC
Dallas, TX
Industry PPP Comparison Statistics
Nationwide, 326,413 businesses in the "Full-Service Restaurants" industry received a total of $42.5B 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, 93% lower than Local Favorite Restaurants LLC's reported 300 employees, and received an average PPP loan of $130,196, 93% lower than this company's loan of $2M.
Local Favorite Restaurants, LLC
Entity: Limited Liability Company (LLC)
Industry: Full-Service Restaurants
Location: Dallas, TX
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Local Favorite Restaurants, LLC is a limited liability company (LLC) located at 1845 Woodall Rodgers Fwy Ste 1100 in Dallas, Texas that received a Coronavirus-related PPP loan from the SBA of $9,831,000.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 500 people during the applicable loan loan period.
$
PPP Loan Information
Loan #4884637009
Loan Size:
Jobs Retained:
500Loan Approved:
2020-04-04Loan Status:
Paid in Full or ForgivenLender:
Citizens National Bank of TexasLocal Favorite Restaurants, LLC in Dallas, TX received a Paycheck Protection Loan of $9.83M through Citizens National Bank of Texas, 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 October, 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, Local Favorite Restaurants, LLC's 2019 payroll expenses are estimated to be at least $47.19M.
Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $94,378 per employee1
Reported PPP Proceed Usage:
On the PPP application, Local Favorite Restaurants, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $9,831,000
Business Information - Local Favorite Restaurants, LLC in Dallas, TX
1845 Woodall Rodgers Fwy Ste 1100
Dallas, TX 75201
Business Industry:
Full-Service Restaurants
NAICS code 722511
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Male Owned
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 is one other business that received a PPP loan registered to the same address as Local Favorite Restaurants, LLC.
Local Favorite Restaurant Management LLC
Full-Service Restaurants
Similar Companies near Dallas
In the Dallas area, 141 businesses in the "Full-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 41 employees (compared to this company's 500) and received an average PPP loan of $348,143 (compared to this company's $9.83M).
Similar Nearby Businesses Who Received PPP Funding:
Oven & Cellar 1, LLC
Dallas, TX
CHI Management, LLC
Dallas, TX
Wild Salsa Allen, LLC
Dallas, TX
Texas Amp, LTD
Dallas, TX
Family Thais LLC
Dallas, TX
Global Drg Management Inc
Dallas, TX
Restaurant Works Inc
Dallas, TX
Nick & Sam's Steak & Fish House LTD
Dallas, TX
Mudbug All In Fun LLC
Dallas, TX
Industry PPP Comparison Statistics
Nationwide, 326,413 businesses in the "Full-Service Restaurants" industry received a total of $42.5B 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 Local Favorite Restaurants, LLC's reported 500 employees, and received an average PPP loan of $130,196, 99% lower than this company's loan of $9.83M.
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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