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PPP Loan Data — Norms Restaurants LLC,
Bellflower, CA
Norms Restaurants LLC
Entity: Limited Liability Company (LLC)
Industry: Full-Service Restaurants
Location: Bellflower, CA
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Norms Restaurants LLC is a limited liability company (LLC) located at 17904 Lakewood Blvd in Bellflower, California that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in March, 2021.
$
PPP Loan Information
Loan #4919188601
Loan Size:
Jobs Retained:
75Loan Approved:
2021-03-20Loan Status:
Ongoing LoanLender:
Fifth Third BankNorms Restaurants LLC in Bellflower, CA received a Paycheck Protection Loan of $2M through Fifth Third Bank, 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.
The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 75 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 96. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
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, Norms Restaurants LLC's 2019 payroll expenses are estimated to be at least $9.6M (not accounting for salary amounts > $100k).
Because the 75 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Reported PPP Proceed Usage:
On the PPP application, Norms Restaurants LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,998
- Utilities: $1
Business Information - Norms Restaurants LLC in Bellflower, CA
17904 Lakewood Blvd
Bellflower, CA 90706
Business Industry:
Full-Service Restaurants
NAICS code 722511
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: Y
HUBZone: Y
Rural / Urban: Urban
Similar Companies near Bellflower
In the Bellflower area, 36 businesses in the "Full-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 36 employees (compared to this company's 75) and received an average PPP loan of $433,619 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Tacos Y Mariscos La Fuente
Bellflower, CA
Rahmawaty Sanders
Bellflower, CA
Leonard Braka
Bellflower, CA
Morel Sand LLC
Bellflower, CA
Jose Cazares Tamayo
Bellflower, CA
China Dragon Inc
Bellflower, CA
Johnny Rebs Of Bellflower, Inc
Bellflower, CA
Carmella Theresa LLC
Bellflower, 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, 71% lower than Norms Restaurants LLC's reported 75 employees, and received an average PPP loan of $130,209, 93% lower than this company's loan of $2M.
Norms Restaurants, LLC
Entity: Limited Liability Company (LLC)
Industry: Full-Service Restaurants
Location: Bellflower, CA
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Norms Restaurants, LLC is a limited liability company (LLC) located at 17904 Lakewood Blvd in Bellflower, California that received a Coronavirus-related PPP loan from the SBA of $10,000,000.00 in April, 2020.
$
PPP Loan Information
Loan #9584637010
Loan Size:
Jobs Retained:
500Loan Approved:
2020-04-09Loan Status:
Paid in Full or ForgivenLender:
First Savings BankNorms Restaurants, LLC in Bellflower, CA received a Paycheck Protection Loan of $10M through First Savings Bank, 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, Norms Restaurants, LLC's 2019 payroll expenses are estimated to be at least $48M.
Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $96,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Norms Restaurants, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $4,437,456
- Mortgage Interest: $2,290,208
- Health Care: $2,562,544
- Debt Interest: $709,792
Business Information - Norms Restaurants, LLC in Bellflower, CA
17904 Lakewood Blvd
Bellflower, CA 90706
Business Industry:
Full-Service Restaurants
NAICS code 722511
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: Y
HUBZone: Y
Rural / Urban: Urban
Similar Companies near Bellflower
In the Bellflower area, 36 businesses in the "Full-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 36 employees (compared to this company's 500) and received an average PPP loan of $433,619 (compared to this company's $10M).
Similar Nearby Businesses Who Received PPP Funding:
Tacos Y Mariscos La Fuente
Bellflower, CA
Rahmawaty Sanders
Bellflower, CA
Leonard Braka
Bellflower, CA
Morel Sand LLC
Bellflower, CA
Jose Cazares Tamayo
Bellflower, CA
China Dragon Inc
Bellflower, CA
Johnny Rebs Of Bellflower, Inc
Bellflower, CA
Carmella Theresa LLC
Bellflower, 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 Norms Restaurants, LLC's reported 500 employees, and received an average PPP loan of $130,209, 99% lower than this company's loan of $10M.
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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