PPP Loan Data — Ocean Cafe, Warrenton, VA
Ocean Cafe is a corporation located at 375 W Shirley Ave in Warrenton, Virginia that received a Coronavirus-related PPP loan from the SBA of $45,850.00 in May, 2020.
The company has reported itself as an Asian male owned business, and employed at least eight people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Bank of America, National Association
Ocean Cafe in Warrenton, VA received a Paycheck Protection Loan of $45,850 through Bank of America, National Association, 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 April, 2021.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
Understanding Payroll Estimates Based On PPP Amount
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, Ocean Cafe's 2019 payroll expenses are estimated to be at least $220,080.
Based on their reported 8 jobs retained, this equals an estimated average yearly compensation of $27,510 per employee1
Reported PPP Proceed Usage:
On the PPP application, Ocean Cafe reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $45,850
Business Information - Ocean Cafe in Warrenton, VA
375 W Shirley Ave
Warrenton, VA 20186
NAICS code 722513
Business Owner Demographics
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Rural
Similar Companies near Warrenton
In the Warrenton area, 21 businesses in the "Limited-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 19 employees (compared to this company's 8) and received an average PPP loan of $68,623 (compared to this company's $45,850).
Similar Nearby Businesses Who Received PPP Funding:
CJ Spitonys Inc
4M Enterprises Inc
Barbecue Country Jamboree Opal Inc
Qiao Ling Zhang
Waltco Foods, Inc
3G's Enterprises Inc
Northern Virginia Pizzeria's II
Industry PPP Comparison Statistics
Nationwide, 137,629 businesses in the "Limited-Service Restaurants" industry received a total of $13.9B 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, 163% higher than Ocean Cafe's reported 8 employees, and received an average PPP loan of $100,980, 120% higher than this company's loan of $45,850.
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Footnotes & Information
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