PPP Loan Data — Old Mexico, Sylvester, GA
Old Mexico is a subchapter s corporation located at 107 North Isabella Street in Sylvester, Georgia that received a Coronavirus-related PPP loan from the SBA of $25,300.00 in June, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Loan Source Incorporated
Old Mexico in Sylvester, GA received a Paycheck Protection Loan of $25,300 through Loan Source Incorporated, which was approved in June, 2020.
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, Old Mexico's 2019 payroll expenses are estimated to be at least $121,440.
Based on their reported 10 jobs retained, this equals an estimated average yearly compensation of $12,144 per employee1
Reported PPP Proceed Usage:
On the PPP application, Old Mexico reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,300
Business Information - Old Mexico in Sylvester, GA
107 North Isabella Street
Sylvester, GA 31791
NAICS code 722511
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Sylvester
In the Sylvester area, 44 businesses in the "Full-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 16 employees (compared to this company's 10) and received an average PPP loan of $63,533 (compared to this company's $25,300).
Similar Nearby Businesses Who Received PPP Funding:
Henderson's Food Service/Genesis Group
Scott W. Foster
Michael Angelo Restaurant
Q Cafe LLC
Empire Bagel & Delicatessen LLC
LIN & Xue, Inc
Hagel Restaurant Group LLC
Savannah Moon Bakeries Inc
Industry PPP Comparison Statistics
Nationwide, 328,914 businesses in the "Full-Service Restaurants" industry received a total of $42.6B 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, 120% higher than Old Mexico's reported 10 employees, and received an average PPP loan of $129,504, 412% higher than this company's loan of $25,300.
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Footnotes & Information
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