PPP Loan Data — Restaurant Management Corp, Portage, IN
Restaurant Management Corp is a corporation located at 1575 Adler Cir Suite C in Portage, Indiana that received a Coronavirus-related PPP loan from the SBA of $4,425,000.00 in April, 2020. This business is a Taco Bell franchise.
The company has reported itself as a White male veteran owned business, and employed at least 68 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
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.
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 July, 2021.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.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 212. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
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, Restaurant Management Corp's 2019 payroll expenses are estimated to be at least $21.24M (not accounting for salary amounts > $100k).
Because the 68 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Reported PPP Proceed Usage:
On the PPP application, Restaurant Management Corp reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $3,540,000
- Health Care: $885,000
Business Information - Restaurant Management Corp in Portage, IN
1575 Adler Cir Suite C
Portage, IN 46368
NAICS code 722513
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Portage
In the Portage area, 19 businesses in the "Limited-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 18 employees (compared to this company's 68) and received an average PPP loan of $287,874 (compared to this company's $4.43M).
Similar Nearby Businesses Who Received PPP Funding:
La Cabana II, LLC
Frey Ice Inc
Route 6 Donuts Inc
BAM Pizza Company Incorporated
HUN Zee Inc
Double Cheese Inc
L.c. Dawson, Inc
Industry PPP Comparison Statistics
Nationwide, 136,560 businesses in the "Limited-Service Restaurants" industry received a total of $13.87B 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, 69% lower than Restaurant Management Corp's reported 68 employees, and received an average PPP loan of $101,544, 98% 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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