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PPP Loan Data — Newman Hospitality Incorporated, Hermosa Beach, CA

SBA PPP loan data, payroll data, and salaries for Newman Hospitality Incorporated
CA

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.

The company has reported itself as a White owned business, and employed at least 495 people during the applicable loan loan period.

$ PPP Loan Information

Loan Size:

$2.48M

Jobs Retained:

495

Loan Approved:

2020-04-11

Lender:

BANK OF AMERICA, NATIONAL ASSOCIATION

Newman 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.

Based on standard PPP eligibility rules, Newman Hospitality Incorporated's total 2019 payroll expenses were approximately $11.91M in order to qualify for the PPP loan amount received.

Based on their reported 495 jobs retained, this equals an estimated average yearly compensation of $24,064 per employee1.

Because the loan received by Newman Hospitality Incorporated is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Newman Hospitality Incorporated in Hermosa Beach, CA

Newman Hospitality Incorporated
703 Pier Ave Ste. B815
Hermosa Beach, CA 90254

Business Industry

Limited-Service Restaurants (NAICS code 722513)

Business Owner Demographics

Race / Ethnicity: WHITE

Gender: Unreported

Veteran Status: Unreported

Congressional District: CA-33

Similar Companies near Hermosa Beach

In the Hermosa Beach area, 19 businesses in the "Limited-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 35 employees (compared to this company's 495) and received an average PPP loan of $171,168 (compared to this company's $2.48M).

Industry PPP Comparison Statistics

Nationwide, 79,996 businesses in the "Limited-Service Restaurants" industry received a total of $9,671,819,152.00 in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 2% of the total PPP funding allocated.

PPP recipients in this industry report an average of 23 employees, 95% lower than Newman Hospitality Incorporated's reported 495 employees, and received an average PPP loan of $120,904, 95% 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, and is published unmodified, as provided by the SBA.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. 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/newman-hospitality-incorporated-hermosa-beach-ca