FRANCHISE

TX

Northeast Foods LLC

Entity: Limited Liability Company (LLC)

Industry: Limited-Service Restaurants

Franchise: Burger King

Location: Sugar Land, TX

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Northeast Foods LLC is a limited liability company (LLC) located at 4415 Highway 6 in Sugar Land, Texas that received a Coronavirus-related PPP loan from the SBA of $7,773,800.00 in April, 2020. This business is a Burger King franchise.

The company has reported itself as an Asian male owned business, and employed at least 500 people during the applicable loan loan period.

$ PPP Loan Information

Loan #6248067002

Northeast Foods LLC in Sugar Land, TX received a Paycheck Protection Loan of $7.77M through Wallis 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

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, Northeast Foods LLC's 2019 payroll expenses are estimated to be at least $37.31M.

Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $74,628 per employee¹

Reported PPP Proceed Usage:

On the PPP application, Northeast Foods LLC reported intending to use the proceeds of their PPP loan for the following expenses:

• Payroll: $5,830,350
• Utilities: $971,725
• Rent: $971,725

Business Information - Northeast Foods LLC in Sugar Land, TX

Similar Companies near Sugar Land

In the Sugar Land area, 197 businesses in the "Limited-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 61 employees (compared to this company's 500) and received an average PPP loan of $518,361 (compared to this company's $7.77M).

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 Northeast Foods LLC's reported 500 employees, and received an average PPP loan of $101,544, 99% lower than this company's loan of $7.77M.