Restaurant Management, Inc in Cincinnati, OH - SBA PPP Loan Data (Paycheck Protection Program)

PPP Loan Data — Restaurant Management, Inc, Cincinnati, OH

FRANCHISE

Restaurant Management, Inc

Entity: Subchapter S Corporation

Industry: Limited-Service Restaurants

Franchise: Arby's

Location: Cincinnati, OH

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Restaurant Management, Inc is a subchapter s corporation located at 300 Main Street in Cincinnati, Ohio that received a Coronavirus-related PPP loan from the SBA of $4,633,000.00 in April, 2020. This business is a Arby's franchise.

$ PPP Loan Information
Loan #1886247108

Loan Size:

$4.63M

Jobs Retained:

500

Loan Approved:

2020-04-10

Loan Status:

Paid in Full or Forgiven

Lender:

CFBank, National Association

Restaurant Management, Inc in Cincinnati, OH received a Paycheck Protection Loan of $4.63M through CFBank, 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 July, 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.

Understanding 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.

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, Inc's 2019 payroll expenses are estimated to be at least $22.24M.

Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $44,477 per employee¹

Reported PPP Proceed Usage:

On the PPP application, Restaurant Management, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $4,633,000

Because the loan received by Restaurant Management, Inc is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Restaurant Management, Inc in Cincinnati, OH

Restaurant Management, Inc
300 Main Street
Cincinnati, OH 45202

Business Industry:
Limited-Service Restaurants
NAICS code 722513

Business Owner Demographics

Race: Unreported

Ethnicity: Not Hispanic or Latino

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: Y

Rural / Urban: Urban

Hamilton County, OH — SBA Office 0593 — Congressional District: OH-01

Similar Companies near Cincinnati

In the Cincinnati area, 54 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 500) and received an average PPP loan of $142,347 (compared to this company's $4.63M).

Similar Nearby Businesses Who Received PPP Funding:

Downtown Sk LLC
Cincinnati, OH

$20,313 PPP Loan

Sub-Par III, LLC
Cincinnati, OH

$20,600 PPP Loan

Holtmans Golden Crust LLC
Cincinnati, OH

$75,425 PPP Loan

Essen
Cincinnati, OH

$13,642 PPP Loan

1215 Vine LLC
Cincinnati, OH

$78,421 PPP Loan

JAY Makali Inc
Cincinnati, OH

$22,320 PPP Loan

Brocatos Pasta
Cincinnati, OH

$6,977 PPP Loan

Visions And Dreams
Cincinnati, OH

$6,961 PPP Loan

Subvest 12 LLC
Cincinnati, OH

$19,105 PPP Loan

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, 96% lower than Restaurant Management, Inc's reported 500 employees, and received an average PPP loan of $101,544, 98% lower than this company's loan of $4.63M.

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.

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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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