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PPP Loan Data — Omni Rhode Island, LLC, Providence, RI

SBA PPP loan data, payroll data, and salaries for Omni Rhode Island, LLC
RI

Omni Rhode Island, LLC

Entity: Limited Liability Company (LLC)

Industry: Hotels (except Casino Hotels) and Motels

Location: Providence, RI

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Omni Rhode Island, LLC is a limited liability company (LLC) located at 1 W Exchange St in Providence, Rhode Island that received a Coronavirus-related PPP loan from the SBA of $2,640,300.00 in April, 2020.

$ PPP Loan Information
Loan #5035377101

Loan Size:

$2.64M

Jobs Retained:

246

Loan Approved:

2020-04-13

Loan Status:

Ongoing Loan

Lender:

Origin Bank

Omni Rhode Island, LLC in Providence, RI received a Paycheck Protection Loan of $2.64M through Origin Bank, which was approved in April, 2020.

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.

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, Omni Rhode Island, LLC's 2019 payroll expenses are estimated to be at least $12.67M.

Based on their reported 246 jobs retained, this equals an estimated average yearly compensation of $51,518 per employee1

Reported PPP Proceed Usage:

On the PPP application, Omni Rhode Island, LLC reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $2,112,240
  • Utilities: $264,030
  • Mortgage Interest: $264,030
Because the loan received by Omni Rhode Island, 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 - Omni Rhode Island, LLC in Providence, RI

Omni Rhode Island, LLC
1 W Exchange St
Providence, RI 2903

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

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

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

Businesses Using Same Address:

There are 2 other businesses that received a PPP loan registered to the same address as Omni Rhode Island, LLC.

BMA LLC
Drinking Places (Alcoholic Beverages)

$30,283 PPP Loan

Centro LLC
Full-Service Restaurants

$403,736 PPP Loan

Similar Companies near Providence

In the Providence area, 15 businesses in the "Hotels (except Casino Hotels) and Motels" industry received a PPP loan. These local businesses reported an average of 61 employees (compared to this company's 246) and received an average PPP loan of $636,909 (compared to this company's $2.64M).

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, 91% lower than Omni Rhode Island, LLC's reported 246 employees, and received an average PPP loan of $169,748, 94% lower than this company's loan of $2.64M.

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.

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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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/omni-rhode-island-llc-providence-ri