PPP Loan Data — Restaurant Management Corp, Portage, IN
Restaurant Management Corp is a corporation located at 1575 Adler Cir in Portage, Indiana that received a Coronavirus-related PPP loan from the SBA of $4,425,000.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least 68 people during the applicable loan loan period.
$ PPP Loan Information
Lender:CITY NATIONAL BANK
Restaurant Management Corp in Portage, IN received a Paycheck Protection Loan of $4.43M through CITY NATIONAL BANK, which was approved in April, 2020.
The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 68 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.
2019 Payroll Estimations based On PPP Amount:
Assuming all employees were paid over the $100k eligibility cap, the minimum number of employees this company must have had in 2019 to qualify for the loan range received is 212.
Based on standard PPP eligibility rules, Restaurant Management Corp's total 2019 payroll expenses were approximately $21.24M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.
Because the 68 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Business Information - Restaurant Management Corp in Portage, IN
1575 Adler Cir
Portage, IN 46368
Limited-Service Restaurants (NAICS code 722513)
Business Owner Demographics
Race / Ethnicity: WHITE
Gender: MALE OWNED
Veteran Status: VETERANCongressional District: IN-01
Similar Companies near Portage
In the Portage area, 12 businesses in the "Limited-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 22 employees (compared to this company's 68) and received an average PPP loan of $438,211 (compared to this company's $4.43M).
Similar Nearby Businesses Who Received PPP Funding:
Carlisle Restaurants Inc
La Cabana II, LLC
Frey Ice Inc.
Route 6 Donuts Inc
Double Cheese Inc.
Industry PPP Comparison Statistics
Nationwide, 79,996 businesses in the "Limited-Service Restaurants" industry received a total of $9,671,819,152.00 in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 2% of the total PPP funding allocated.
PPP recipients in this industry report an average of 23 employees, 66% lower than Restaurant Management Corp's reported 68 employees, and received an average PPP loan of $120,904, 97% lower than this company's loan of $4.43M.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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