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PPP Loan Data — Overeasy Inc,
Rancho Cucamonga, CA
Overeasy Inc
Entity: Subchapter S Corporation
Industry: Full-Service Restaurants
Location: Rancho Cucamonga, CA
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Overeasy Inc is a subchapter s corporation located at 8656 Utica Ave in Rancho Cucamonga, California that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in February, 2021.
The company has reported itself as a White male veteran owned business, and employed at least 296 people during the applicable loan loan period.
$
PPP Loan Information
Loan #5618788409
Loan Size:
Jobs Retained:
296Loan Approved:
2021-02-09Loan Status:
Paid in Full or ForgivenLender:
Loan Source IncorporatedOvereasy Inc in Rancho Cucamonga, CA received a Paycheck Protection Loan of $2M through Loan Source Incorporated, 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 February, 2022.
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 MoreUnderstanding 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 MoreBased 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, Overeasy Inc's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 296 jobs retained, this equals an estimated average yearly compensation of $32,432 per employee1
Reported PPP Proceed Usage:
On the PPP application, Overeasy Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,997
- Utilities: $1
Business Information - Overeasy Inc in Rancho Cucamonga, CA
8656 Utica Ave
Rancho Cucamonga, CA 91730
Business Industry:
Full-Service Restaurants
NAICS code 722511
Business Owner Demographics
Race: White
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: Y
HUBZone: N
Rural / Urban: Urban
Similar Companies near Rancho Cucamonga
In the Rancho Cucamonga area, 168 businesses in the "Full-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 36 employees (compared to this company's 296) and received an average PPP loan of $206,828 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Big Wok Restaurant Inc
Rancho Cucamonga, CA
Honghuo Corporation
Rancho Cucamonga, CA
AGs. United, Inc
El Monte, CA
The Poke Place
Rancho Cucamonga, CA
China Point Cuisine LLC
Rancho Cucamonga, CA
Kong Jie Ni
Rancho Cucamonga, CA
AR Bayati LLC
Rancho Cucamonga, CA
China Pepper
Rancho Cucamonga, CA
SAS Restaurant Ventures Inc
Rancho Cucamonga, CA
Industry PPP Comparison Statistics
Nationwide, 326,447 businesses in the "Full-Service Restaurants" industry received a total of $42.51B 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, 93% lower than Overeasy Inc's reported 296 employees, and received an average PPP loan of $130,223, 93% lower than this company's loan of $2M.
Overeasy, Inc
Entity: Subchapter S Corporation
Industry: Full-Service Restaurants
Location: Rancho Cucamonga, CA
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•
Search All PPP Data
Overeasy, Inc is a subchapter s corporation located at 8656 Utica Ave in Rancho Cucamonga, California that received a Coronavirus-related PPP loan from the SBA of $3,595,500.00 in April, 2020.
The company has reported itself as a White male veteran owned business, and employed at least 500 people during the applicable loan loan period.
$
PPP Loan Information
Loan #5581957008
Loan Size:
Jobs Retained:
500Loan Approved:
2020-04-05Loan Status:
Paid in Full or ForgivenLender:
Loan Source IncorporatedOvereasy, Inc in Rancho Cucamonga, CA received a Paycheck Protection Loan of $3.6M through Loan Source Incorporated, 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 February, 2022.
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 MoreUnderstanding 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 MoreBased 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, Overeasy, Inc's 2019 payroll expenses are estimated to be at least $17.26M.
Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $34,517 per employee1
Reported PPP Proceed Usage:
On the PPP application, Overeasy, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,700,000
- Utilities: $204,000
- Rent: $671,500
- Health Care: $20,000
Business Information - Overeasy, Inc in Rancho Cucamonga, CA
8656 Utica Ave
Rancho Cucamonga, CA 91730
Business Industry:
Full-Service Restaurants
NAICS code 722511
Business Owner Demographics
Race: White
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: Y
HUBZone: N
Rural / Urban: Urban
Similar Companies near Rancho Cucamonga
In the Rancho Cucamonga area, 168 businesses in the "Full-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 36 employees (compared to this company's 500) and received an average PPP loan of $206,828 (compared to this company's $3.6M).
Similar Nearby Businesses Who Received PPP Funding:
Big Wok Restaurant Inc
Rancho Cucamonga, CA
Honghuo Corporation
Rancho Cucamonga, CA
AGs. United, Inc
El Monte, CA
The Poke Place
Rancho Cucamonga, CA
China Point Cuisine LLC
Rancho Cucamonga, CA
Kong Jie Ni
Rancho Cucamonga, CA
AR Bayati LLC
Rancho Cucamonga, CA
China Pepper
Rancho Cucamonga, CA
SAS Restaurant Ventures Inc
Rancho Cucamonga, CA
Industry PPP Comparison Statistics
Nationwide, 326,447 businesses in the "Full-Service Restaurants" industry received a total of $42.51B 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, 96% lower than Overeasy, Inc's reported 500 employees, and received an average PPP loan of $130,223, 96% lower than this company's loan of $3.6M.
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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