PPP Loan Data — Osakaya Inc, Cleveland, TN
Osakaya Inc is a subchapter s corporation located at 2414 N Ocoee St in Cleveland, Tennessee that received a Coronavirus-related PPP loan from the SBA of $47,047.00 in March, 2021.
The company has reported itself as an Asian male owned business, and employed at least five people during the applicable loan loan period.
PPP Loan Information
Loan Status:Active Un-Disbursed
Lender:Andrew Johnson Bank
Osakaya Inc in Cleveland, TN received a Paycheck Protection Loan of $47,047 through Andrew Johnson Bank, which was approved in March, 2021.
While this loan has been approved by the Small Business Administration, the lender has not reported to the SBA that the loan funds were disbursed to the borrower. According to SBA records, a total of $47,047 in approved PPP funding has not been disbursed. The loan's status was last updated by the SBA in March, 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, Osakaya Inc's 2019 payroll expenses are estimated to be at least $225,826.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $45,165 per employee1
Reported PPP Proceed Usage:
On the PPP application, Osakaya Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $47,047
Business Information - Osakaya Inc in Cleveland, TN
2414 N Ocoee St
Cleveland, TN 37311
Pharmacies and Drug Stores
NAICS code 446110
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 Cleveland
In the Cleveland area, 10 businesses in the "Pharmacies and Drug Stores" industry received a PPP loan. These local businesses reported an average of 14 employees (compared to this company's 5) and received an average PPP loan of $108,999 (compared to this company's $47,047).
Similar Nearby Businesses Who Received PPP Funding:
Central Drug Company
Wolf Management Inc
Medical Center Pharmacy Inc
Preferred Family Pharmacy, LLC
Chad Smith DBA None
Cleveland Worx LLC
Central Drug Co Peerless Crossing
Industry PPP Comparison Statistics
Nationwide, 18,035 businesses in the "Pharmacies and Drug Stores" industry received a total of $1.7B 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 12 employees, 140% higher than Osakaya Inc's reported 5 employees, and received an average PPP loan of $94,214, 100% higher than this company's loan of $47,047.
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.
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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