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PPP Loan Data — Platinum Corral LLC,
Jacksonville, NC
FRANCHISE
NCPlatinum Corral LLC
Entity: Limited Liability Company (LLC)
Industry: Limited-Service Restaurants
Franchise: Golden Corral
Location: Jacksonville, NC
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Platinum Corral LLC is a limited liability company (LLC) located at 521 New Bridge St in Jacksonville, North Carolina that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in March, 2021. This business is a Golden Corral franchise.
The company has reported itself as a male owned business, and employed at least 300 people during the applicable loan loan period.
$
PPP Loan Information
Loan #6517588610
Loan Size:
Jobs Retained:
300Loan Approved:
2021-03-23Loan Status:
Paid in Full or ForgivenLender:
Loan Source IncorporatedPlatinum Corral LLC in Jacksonville, NC received a Paycheck Protection Loan of $2M through Loan Source Incorporated, which was approved in March, 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, Platinum Corral LLC's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 300 jobs retained, this equals an estimated average yearly compensation of $32,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Platinum Corral LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,994
- Utilities: $1
Business Information - Platinum Corral LLC in Jacksonville, NC
521 New Bridge St
Jacksonville, NC 28540
Business Industry:
Limited-Service Restaurants
NAICS code 722513
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Businesses Using Same Address:
There is one other business that received a PPP loan registered to the same address as Platinum Corral LLC.
Platinum Corral Management LLC
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Similar Companies near Jacksonville
In the Jacksonville area, 16 businesses in the "Limited-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 66 employees (compared to this company's 300) and received an average PPP loan of $462,777 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Sub-Sational Subs & Salads, Inc
Jacksonville, NC
The Milk Road LLC
Jacksonville, NC
New China Soho Inc
Jacksonville, NC
Bonsai Express LLC
Jacksonville, NC
Moore's Mini Marts Inc
Jacksonville, NC
Sumo Express Asian Grill
Jacksonville, NC
New River Coffee, LLC
Jacksonville, NC
Tricross Holdings, Inc
Jacksonville, NC
Industry PPP Comparison Statistics
Nationwide, 136,535 businesses in the "Limited-Service Restaurants" industry received a total of $13.86B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 2% of the total PPP funding allocated.
PPP recipients in this industry report an average of 21 employees, 93% lower than Platinum Corral LLC's reported 300 employees, and received an average PPP loan of $101,537, 95% lower than this company's loan of $2M.
FRANCHISE
NCPlatinum Corral, LLC
Entity: Limited Liability Company (LLC)
Industry: Limited-Service Restaurants
Franchise: Golden Corral
Location: Jacksonville, NC
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Search All PPP Data
Platinum Corral, LLC is a limited liability company (LLC) located at 521 New Bridge St in Jacksonville, North Carolina that received a Coronavirus-related PPP loan from the SBA of $4,700,812.00 in April, 2020. This business is a Golden Corral franchise.
The company has reported itself as a male owned business, and employed at least 500 people during the applicable loan loan period.
$
PPP Loan Information
Loan #9553167008
Loan Size:
Jobs Retained:
500Loan Approved:
2020-04-09Loan Status:
Charged OffLender:
Loan Source IncorporatedPlatinum Corral, LLC in Jacksonville, NC received a Paycheck Protection Loan of $4.7M through Loan Source Incorporated, 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. The loan's status was last updated by the SBA in October, 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 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, Platinum Corral, LLC's 2019 payroll expenses are estimated to be at least $22.56M.
Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $45,128 per employee1
Reported PPP Proceed Usage:
On the PPP application, Platinum Corral, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $3,757,316
- Utilities: $346,664
- Rent: $250,000
- Health Care: $50,000
- Debt Interest: $296,832
Business Information - Platinum Corral, LLC in Jacksonville, NC
521 New Bridge St
Jacksonville, NC 28540
Business Industry:
Limited-Service Restaurants
NAICS code 722513
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Businesses Using Same Address:
There is one other business that received a PPP loan registered to the same address as Platinum Corral, LLC.
Platinum Corral Management LLC
All Other Business Support Services
Similar Companies near Jacksonville
In the Jacksonville area, 16 businesses in the "Limited-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 66 employees (compared to this company's 500) and received an average PPP loan of $462,777 (compared to this company's $4.7M).
Similar Nearby Businesses Who Received PPP Funding:
Sub-Sational Subs & Salads, Inc
Jacksonville, NC
The Milk Road LLC
Jacksonville, NC
New China Soho Inc
Jacksonville, NC
Bonsai Express LLC
Jacksonville, NC
Moore's Mini Marts Inc
Jacksonville, NC
Sumo Express Asian Grill
Jacksonville, NC
New River Coffee, LLC
Jacksonville, NC
Tricross Holdings, Inc
Jacksonville, NC
Industry PPP Comparison Statistics
Nationwide, 136,535 businesses in the "Limited-Service Restaurants" industry received a total of $13.86B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 2% of the total PPP funding allocated.
PPP recipients in this industry report an average of 21 employees, 96% lower than Platinum Corral, LLC's reported 500 employees, and received an average PPP loan of $101,537, 98% lower than this company's loan of $4.7M.
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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