PPP Loan Data — Martin's BBQ & George's BBQ, Arecibo, PR
Martin's BBQ & George's BBQ is a sole proprietorship located at Bda Duhamel 49 Calle Maria Balseiro in Arecibo, Puerto Rico that received a Coronavirus-related PPP loan from the SBA of $47,116.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:FirstBank Puerto Rico
Martin's BBQ & George's BBQ in Arecibo, PR received a Paycheck Protection Loan of $47,116 through FirstBank Puerto Rico, 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 March, 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, Martin's BBQ & George's BBQ's 2019 payroll expenses are estimated to be at least $226,157.
Based on their reported 31 jobs retained, this equals an estimated average yearly compensation of $7,295 per employee1
Reported PPP Proceed Usage:
On the PPP application, Martin's BBQ & George's BBQ reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $35,337
- Utilities: $3,479
- Rent: $8,300
Business Information - Martin's BBQ & George's BBQ in Arecibo, PR
Bda Duhamel 49 Calle Maria Balseiro
Arecibo, PR 612
NAICS code 722511
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Arecibo
In the Arecibo area, 46 businesses in the "Full-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 9 employees (compared to this company's 31) and received an average PPP loan of $20,108 (compared to this company's $47,116).
Similar Nearby Businesses Who Received PPP Funding:
Luis F Vargas Roman
Partime Truck Bar Inc
Felix O Morales Mendez
Los Del Cuerito LLC
Jorge Medrano Persia
CV Managment Corp
Industry PPP Comparison Statistics
Nationwide, 328,914 businesses in the "Full-Service Restaurants" industry received a total of $42.6B 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, 29% lower than Martin's BBQ & George's BBQ's reported 31 employees, and received an average PPP loan of $129,504, 175% higher than this company's loan of $47,116.
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Footnotes & Information
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