PPP Loan Data — Scott Wang Inc DBA Emperor Palace, Broomfield, CO
Scott Wang Inc DBA Emperor Palace is a corporation located at 6700 W 120th Ave in Broomfield, Colorado that received a Coronavirus-related PPP loan from the SBA of $46,031.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Wells Fargo Bank, National Association
Scott Wang Inc DBA Emperor Palace in Broomfield, CO received a Paycheck Protection Loan of $46,031 through Wells Fargo Bank, 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 May, 2021.
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, Scott Wang Inc DBA Emperor Palace's 2019 payroll expenses are estimated to be at least $220,949.
Based on their reported 10 jobs retained, this equals an estimated average yearly compensation of $22,095 per employee1
Reported PPP Proceed Usage:
On the PPP application, Scott Wang Inc DBA Emperor Palace reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,031
Business Information - Scott Wang Inc DBA Emperor Palace in Broomfield, CO
6700 W 120th Ave
Broomfield, CO 80020
NAICS code 722511
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Broomfield
In the Broomfield area, 67 businesses in the "Full-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 19 employees (compared to this company's 10) and received an average PPP loan of $108,878 (compared to this company's $46,031).
Similar Nearby Businesses Who Received PPP Funding:
YAK And Yeti Inc
Class & Soul LTD
Golden Bowl Broomfield LLC
Sandra Volf Holdings, Inc
Green Bamboo Corporation
United Chinese Restaurant II Inc
Big Dog BBQ, LLC
Le Peep Grill Of 88Th & Wadsworth LLC
Industry PPP Comparison Statistics
Nationwide, 328,914 businesses in the "Full-Service Restaurants" industry received a total of $42.6B 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, 120% higher than Scott Wang Inc DBA Emperor Palace's reported 10 employees, and received an average PPP loan of $129,504, 181% higher than this company's loan of $46,031.
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Footnotes & Information
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