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PPP Loan Data — Minh Phuong Inc, West Palm Beach, FL

ALERT: There are 2 PPP loans for a total of $55,362 in our database for businesses with the name "Minh Phuong Inc" in West Palm Beach, FL. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Minh Phuong Inc
FL

Minh Phuong Inc

Entity: Corporation

Industry: All Other Traveler Accommodation

Location: West Palm Beach, FL

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Minh Phuong Inc is a corporation located at 2905 N Military Trl in West Palm Beach, Florida that received a Coronavirus-related PPP loan from the SBA of $44,699.00 in January, 2021.

The company has reported itself as an Asian male owned business, and employed at least five people during the applicable loan loan period.

$ PPP Loan Information
Loan #4745458304

Loan Size:

$44,699

Jobs Retained:

5

Loan Approved:

2021-01-23

Loan Status:

Ongoing Loan

Lender:

Cross River Bank

Minh Phuong Inc in West Palm Beach, FL received a Paycheck Protection Loan of $44,699 through Cross River Bank, which was approved in January, 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.

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, Minh Phuong Inc's 2019 payroll expenses are estimated to be at least $214,555.

Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $42,911 per employee1

Reported PPP Proceed Usage:

On the PPP application, Minh Phuong Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $44,696
  • Utilities: $1

Business Information - Minh Phuong Inc in West Palm Beach, FL

Minh Phuong Inc
2905 N Military Trl
West Palm Beach, FL 33409

Business Industry:
All Other Traveler Accommodation
NAICS code 721199

Business Owner Demographics

Race: Asian

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

Palm Beach County, FL — SBA Office 0455 — Congressional District: FL-18

Similar Companies near West Palm Beach

In the West Palm Beach area, 14 businesses in the "All Other Traveler Accommodation" industry received a PPP loan. These local businesses reported an average of 5 employees (compared to this company's 5) and received an average PPP loan of $44,460 (compared to this company's $44,699).

Industry PPP Comparison Statistics

Nationwide, 30,998 businesses in the "All Other Traveler Accommodation" industry received a total of $1.3B 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, 20% higher than Minh Phuong Inc's reported 5 employees, and received an average PPP loan of $41,783, 7% lower than this company's loan of $44,699.

SBA PPP loan data, payroll data, and salaries for Minh Phuong Inc
FL

Minh Phuong Inc

Entity: Corporation

Industry: Full-Service Restaurants

Location: West Palm Beach, FL

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Minh Phuong Inc is a corporation located at 2905 N Military Trl E in West Palm Beach, Florida that received a Coronavirus-related PPP loan from the SBA of $10,663.00 in May, 2020.

The company has reported itself as an Asian male owned business, and employed at least six people during the applicable loan loan period.

$ PPP Loan Information
Loan #5171497401

Loan Size:

$10,663

Jobs Retained:

6

Loan Approved:

2020-05-11

Loan Status:

Paid in Full or Forgiven

Lender:

Square Capital, LLC

Minh Phuong Inc in West Palm Beach, FL received a Paycheck Protection Loan of $10,663 through Square Capital, LLC, which was approved in May, 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

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, Minh Phuong Inc's 2019 payroll expenses are estimated to be at least $51,182.

Based on their reported 6 jobs retained, this equals an estimated average yearly compensation of $8,530 per employee1

Reported PPP Proceed Usage:

On the PPP application, Minh Phuong Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $7,997
  • Utilities: $1,333
  • Mortgage Interest: $1,333

Business Information - Minh Phuong Inc in West Palm Beach, FL

Minh Phuong Inc
2905 N Military Trl E
West Palm Beach, FL 33409

Business Industry:
Full-Service Restaurants
NAICS code 722511

Business Owner Demographics

Race: Asian

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: N

Rural / Urban: Urban

Palm Beach County, FL — SBA Office 0455 — Congressional District: FL-20

Similar Companies near West Palm Beach

In the West Palm Beach area, 126 businesses in the "Full-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 32 employees (compared to this company's 6) and received an average PPP loan of $190,540 (compared to this company's $10,663).

Industry PPP Comparison Statistics

Nationwide, 329,389 businesses in the "Full-Service Restaurants" industry received a total of $42.59B 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, 267% higher than Minh Phuong Inc's reported 6 employees, and received an average PPP loan of $129,294, 1113% higher than this company's loan of $10,663.

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.

Search FederalPay's Full PPP Loan Database

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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/minh-phuong-inc-west-palm-beach-fl