PPP Loan Data — Restaurant Services Inc, Miami, FL
Restaurant Services Inc is a corporation located at 5200 Blue Lagoon Dr Ste 300 in Miami, Florida that received a Coronavirus-related PPP loan from the SBA of $1,898,148.00 in April, 2020.
The company has reported itself as a female owned business, and employed at least 82 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Bank of America, National Association
Restaurant Services Inc in Miami, FL received a Paycheck Protection Loan of $1.9M through Bank of America, 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 January, 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 82 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 91. 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 Services Inc's 2019 payroll expenses are estimated to be at least $9.11M (not accounting for salary amounts > $100k).
Because the 82 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 Services Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,898,148
Business Information - Restaurant Services Inc in Miami, FL
5200 Blue Lagoon Dr Ste 300
Miami, FL 33126
All Other Support Services
NAICS code 561990
Business Owner Demographics
Gender: Female Owned
Veteran Status: Unreported
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Miami
In the Miami area, 20 businesses in the "All Other Support Services" industry received a PPP loan. These local businesses reported an average of 10 employees (compared to this company's 82) and received an average PPP loan of $167,964 (compared to this company's $1.9M).
Similar Nearby Businesses Who Received PPP Funding:
CM Healthcare Solutions Inc
Escolein International, Inc
Pons Estimating Construction Services, Inc
Corporacion Akram Jiji & Co Inc
Jonathan Schwartz Law PLLC
Kamileon Productions, LLC
Avenue Pmc, Inc
Baru Agency, Inc
Industry PPP Comparison Statistics
Nationwide, 33,705 businesses in the "All Other Support Services" industry received a total of $1.71B in PPP loans. This industry in total received less than 1% of the total PPP funding distributed.
PPP recipients in this industry report an average of 7 employees, 91% lower than Restaurant Services Inc's reported 82 employees, and received an average PPP loan of $50,635, 97% lower than this company's loan of $1.9M.
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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