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PPP Loan Data — Romulus Restaurants, LLC,
Phoenix, AZ
FRANCHISE
AZRomulus Restaurants, LLC
Entity: Limited Liability Company (LLC)
Industry: Full-Service Restaurants
Franchise: IHOP
Location: Phoenix, AZ
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Romulus Restaurants, LLC is a limited liability company (LLC) located at 1048 N 44th Street Suite 210 in Phoenix, Arizona that received a Coronavirus-related PPP loan from the SBA of $8,420,800.00 in April, 2020. This business is a IHOP franchise.
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PPP Loan Information
Loan #5182577004
Loan Size:
Jobs Retained:
500Loan Approved:
2020-04-05Loan Status:
Paid in Full or ForgivenLender:
Lake Forest Bank & Trust Company, National AssociationRomulus Restaurants, LLC in Phoenix, AZ received a Paycheck Protection Loan of $8.42M through Lake Forest Bank & Trust Company, 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.
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, Romulus Restaurants, LLC's 2019 payroll expenses are estimated to be at least $40.42M.
Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $80,840 per employee1
Reported PPP Proceed Usage:
On the PPP application, Romulus Restaurants, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $6,315,600
- Rent: $2,105,200
Business Information - Romulus Restaurants, LLC in Phoenix, AZ
1048 N 44th Street Suite 210
Phoenix, AZ 85008
Business Industry:
Full-Service Restaurants
NAICS code 722511
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: Y
HUBZone: Y
Rural / Urban: Urban
Businesses Using Same Address:
There is one other business that received a PPP loan registered to the same address as Romulus Restaurants, LLC.
Romulus Management, LLC
Administrative Management and General Management Consulting Services
Similar Companies near Phoenix
In the Phoenix area, 72 businesses in the "Full-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 51 employees (compared to this company's 500) and received an average PPP loan of $348,119 (compared to this company's $8.42M).
Similar Nearby Businesses Who Received PPP Funding:
The Original Marketplace Gateway LLC
Phoenix, AZ
MTM Concepts LLC
Phoenix, AZ
Rmls Hop New Mexico LLC
Phoenix, AZ
Lin's Distribution Corp
Phoenix, AZ
Tacos Chiwas LLC
Phoenix, AZ
TPQ Foods, LLC (EPC) And Tortas Paquime, LLC (Oc)
Phoenix, AZ
GUS Theodoropoulos
Phoenix, AZ
Rmls Hop Texas, LLC
Phoenix, AZ
The Old Station
Phoenix, AZ
Industry PPP Comparison Statistics
Nationwide, 326,480 businesses in the "Full-Service Restaurants" industry received a total of $42.51B in PPP loans. These businesses account for 3% of total PPP applications submitted, and received 5% of the total PPP funding allocated.
PPP recipients in this industry report an average of 22 employees, 96% lower than Romulus Restaurants, LLC's reported 500 employees, and received an average PPP loan of $130,209, 98% lower than this company's loan of $8.42M.
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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