PPP Loan Data — Perkins Cove Lobster Shack, Inc, Red Hook, NY
Perkins Cove Lobster Shack, Inc is a corporation located at 110 Perkins Cove Road in Red Hook, New York that received a Coronavirus-related PPP loan from the SBA of $46,000.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:KeyBank National Association
Perkins Cove Lobster Shack, Inc in Red Hook, NY received a Paycheck Protection Loan of $46,000 through KeyBank National Association, 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 March, 2021.
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, Perkins Cove Lobster Shack, Inc's 2019 payroll expenses are estimated to be at least $220,800.
Based on their reported 7 jobs retained, this equals an estimated average yearly compensation of $31,543 per employee1
Reported PPP Proceed Usage:
On the PPP application, Perkins Cove Lobster Shack, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,000
Business Information - Perkins Cove Lobster Shack, Inc in Red Hook, NY
110 Perkins Cove Road
Red Hook, NY 12571
NAICS code 722511
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Red Hook
In the Red Hook area, 49 businesses in the "Full-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 13 employees (compared to this company's 7) and received an average PPP loan of $82,944 (compared to this company's $46,000).
Similar Nearby Businesses Who Received PPP Funding:
Pleasant Ridge Pizza Cmpany Inc
Jony Of Hyde Park LLC
Red Hook, NY
Wilder Consolidated ENT Inc
Monaco & Sons Inc
Red Hook Curry House Inc
Red Hook, NY
Cider Bros Inc
Red Hook, NY
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, 214% higher than Perkins Cove Lobster Shack, Inc's reported 7 employees, and received an average PPP loan of $129,504, 182% higher than this company's loan of $46,000.
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Footnotes & Information
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