PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Ocean House Management LLC, Westerly, RI

ALERT: There are 2 PPP loans for a total of $4.57M in our database for businesses with the name "Ocean House Management LLC" in Westerly, RI. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Ocean House Management LLC
RI

Ocean House Management LLC

Entity: Limited Liability Company (LLC)

Industry: Hotels (except Casino Hotels) and Motels

Location: Westerly, RI

Search All PPP Data

Ocean House Management LLC is a limited liability company (LLC) located at 1 Bluff Ave in Westerly, Rhode Island that received a Coronavirus-related PPP loan from the SBA of $1,995,000.00 in February, 2021.

The company has reported itself as a White male owned business, and employed at least 180 people during the applicable loan loan period.

$ PPP Loan Information
Loan #4411378500

Loan Size:

$2M

Jobs Retained:

180

Loan Approved:

2021-02-25

Loan Status:

Paid in Full or Forgiven

Lender:

The Washington Trust Company of Westerly

Ocean House Management LLC in Westerly, RI received a Paycheck Protection Loan of $2M through The Washington Trust Company of Westerly, which was approved in February, 2021.

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 November, 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 More
Understanding 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 More

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 House Management LLC's 2019 payroll expenses are estimated to be at least $9.58M.

Based on their reported 180 jobs retained, this equals an estimated average yearly compensation of $53,200 per employee1

Reported PPP Proceed Usage:

On the PPP application, Ocean House Management LLC reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,994,995
  • Utilities: $1

Business Information - Ocean House Management LLC in Westerly, RI

Ocean House Management LLC
1 Bluff Ave
Westerly, RI 2891

Business Industry:
Hotels (except Casino Hotels) and Motels
NAICS code 721110

Business Owner Demographics

Race: White

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Rural

Washington County, RI — SBA Office 0165 — Congressional District: RI-02

Similar Companies near Westerly

In the Westerly area, 18 businesses in the "Hotels (except Casino Hotels) and Motels" industry received a PPP loan. These local businesses reported an average of 35 employees (compared to this company's 180) and received an average PPP loan of $319,729 (compared to this company's $2M).

Industry PPP Comparison Statistics

Nationwide, 81,995 businesses in the "Hotels (except Casino Hotels) and Motels" industry received a total of $13.92B in PPP loans. This industry in total received less than 1% of the total PPP funding distributed.

PPP recipients in this industry report an average of 23 employees, 87% lower than Ocean House Management LLC's reported 180 employees, and received an average PPP loan of $169,748, 91% lower than this company's loan of $2M.

SBA PPP loan data, payroll data, and salaries for Ocean House Management , LLC
RI

Ocean House Management , LLC

Entity: Limited Liability Company (LLC)

Industry: Hotels (except Casino Hotels) and Motels

Location: Westerly, RI

Search All PPP Data

Ocean House Management , LLC is a limited liability company (LLC) located at 1 Bluff Ave in Westerly, Rhode Island that received a Coronavirus-related PPP loan from the SBA of $2,572,332.00 in April, 2020.

The company has reported itself as a White male owned business, and employed at least 230 people during the applicable loan loan period.

$ PPP Loan Information
Loan #8573517009

Loan Size:

$2.57M

Jobs Retained:

230

Loan Approved:

2020-04-08

Loan Status:

Paid in Full or Forgiven

Lender:

The Washington Trust Company of Westerly

Ocean House Management , LLC in Westerly, RI received a Paycheck Protection Loan of $2.57M through The Washington Trust Company of Westerly, 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 More
Understanding 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 More

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 House Management , LLC's 2019 payroll expenses are estimated to be at least $12.35M.

Based on their reported 230 jobs retained, this equals an estimated average yearly compensation of $53,683 per employee1

Reported PPP Proceed Usage:

On the PPP application, Ocean House Management , LLC reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $2,572,332
Because the loan received by Ocean House Management , LLC 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 - Ocean House Management , LLC in Westerly, RI

Ocean House Management , LLC
1 Bluff Ave
Westerly, RI 2891

Business Industry:
Hotels (except Casino Hotels) and Motels
NAICS code 721110

Business Owner Demographics

Race: White

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Rural

Washington County, RI — SBA Office 0165 — Congressional District: RI-02

Similar Companies near Westerly

In the Westerly area, 18 businesses in the "Hotels (except Casino Hotels) and Motels" industry received a PPP loan. These local businesses reported an average of 35 employees (compared to this company's 230) and received an average PPP loan of $319,729 (compared to this company's $2.57M).

Industry PPP Comparison Statistics

Nationwide, 81,995 businesses in the "Hotels (except Casino Hotels) and Motels" industry received a total of $13.92B in PPP loans. This industry in total received less than 1% of the total PPP funding distributed.

PPP recipients in this industry report an average of 23 employees, 90% lower than Ocean House Management , LLC's reported 230 employees, and received an average PPP loan of $169,748, 93% lower than this company's loan of $2.57M.

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.

Search FederalPay's Full PPP Loan Database

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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Source: www.federalpay.org/paycheck-protection-program/ocean-house-management-llc-westerly-ri