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PPP Loan Data — Newman Hospitality Incorporated,
Hermosa Beach, CA
Newman Hospitality Incorporated
Entity: Corporation
Industry: Full-Service Restaurants
Location: Hermosa Beach, CA
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Newman Hospitality Incorporated is a corporation located at 36 13th Ct in Hermosa Beach, California that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in March, 2021.
The company has reported itself as a White female owned business, and employed at least 495 people during the applicable loan loan period.
$
PPP Loan Information
Loan #4896278600
Loan Size:
Jobs Retained:
495Loan Approved:
2021-03-20Loan Status:
Ongoing LoanLender:
Bank of America, National AssociationNewman Hospitality Incorporated in Hermosa Beach, CA received a Paycheck Protection Loan of $2M through Bank of America, National Association, which was approved in March, 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 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, Newman Hospitality Incorporated's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 495 jobs retained, this equals an estimated average yearly compensation of $19,394 per employee1
Reported PPP Proceed Usage:
On the PPP application, Newman Hospitality Incorporated reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,994
- Utilities: $1
Business Information - Newman Hospitality Incorporated in Hermosa Beach, CA
36 13th Ct
Hermosa Beach, CA 90254
Business Industry:
Full-Service Restaurants
NAICS code 722511
Business Owner Demographics
Race: White
Ethnicity: Not Hispanic or Latino
Gender: Female Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near Hermosa Beach
In the Hermosa Beach area, 115 businesses in the "Full-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 22 employees (compared to this company's 495) and received an average PPP loan of $121,558 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Guajillo Restaurant
Huntington Park, CA
SVS Hermosa LLC
Hermosa Beach, CA
Grandcakes Inc
Huntington Park, CA
El Pastor Bar & Grill LLC
Huntington Park, CA
Playa Oyster Fish & Oyster Co
Hermosa Beach, CA
Las Manos Tortilleria Y Tamaleria Inc
Huntington Park, CA
Las Islas Marias Restaurant, Inc
Huntington Park, CA
Pacentro 2015 LLC
Hermosa Beach, CA
Maria Pacheco
Huntington Park, CA
Industry PPP Comparison Statistics
Nationwide, 326,480 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 Newman Hospitality Incorporated's reported 495 employees, and received an average PPP loan of $130,209, 93% lower than this company's loan of $2M.
Newman Hospitality Incorporated
Entity: Corporation
Industry: Limited-Service Restaurants
Location: Hermosa Beach, CA
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Newman Hospitality Incorporated is a corporation located at 703 Pier Ave Ste. B815 in Hermosa Beach, California that received a Coronavirus-related PPP loan from the SBA of $2,481,555.00 in April, 2020.
$
PPP Loan Information
Loan #3434447107
Loan Size:
Jobs Retained:
495Loan Approved:
2020-04-11Loan Status:
Paid in Full or ForgivenLender:
Bank of America, National AssociationNewman Hospitality Incorporated in Hermosa Beach, CA received a Paycheck Protection Loan of $2.48M through Bank of America, National Association, 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, Newman Hospitality Incorporated's 2019 payroll expenses are estimated to be at least $11.91M.
Based on their reported 495 jobs retained, this equals an estimated average yearly compensation of $24,064 per employee1
Reported PPP Proceed Usage:
On the PPP application, Newman Hospitality Incorporated reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,481,555
Business Information - Newman Hospitality Incorporated in Hermosa Beach, CA
703 Pier Ave Ste. B815
Hermosa Beach, CA 90254
Business Industry:
Limited-Service Restaurants
NAICS code 722513
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age:
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near Hermosa Beach
In the Hermosa Beach area, 32 businesses in the "Limited-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 25 employees (compared to this company's 495) and received an average PPP loan of $131,939 (compared to this company's $2.48M).
Similar Nearby Businesses Who Received PPP Funding:
Fernando Valerio
Hermosa Beach, CA
Poke Bar Gab, Inc
Hermosa Beach, CA
Somin Corporation
Huntington Park, CA
DB Pizza Inc
Huntington Park, CA
Soyun Justina Kim
Hermosa Beach, CA
The Source Cafe LLC
Hermosa Beach, CA
Jones Management Mcdonald's Florence, Inc
Huntington Park, CA
David Little
Hermosa Beach, CA
Industry PPP Comparison Statistics
Nationwide, 136,560 businesses in the "Limited-Service Restaurants" industry received a total of $13.87B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 2% of the total PPP funding allocated.
PPP recipients in this industry report an average of 21 employees, 96% lower than Newman Hospitality Incorporated's reported 495 employees, and received an average PPP loan of $101,544, 96% lower than this company's loan of $2.48M.
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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