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PPP Loan Data — Setai Hotel Acquisition LLC, New York, NY

SBA PPP loan data, payroll data, and salaries for Setai Hotel Acquisition LLC
NY

Setai Hotel Acquisition LLC

Entity: Limited Liability Company (LLC)

Industry: Hotels (except Casino Hotels) and Motels

Location: New York, NY

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Setai Hotel Acquisition LLC is a limited liability company (LLC) located at 1400 Broadway in New York, New York that received a Coronavirus-related PPP loan from the SBA of $2,826,735.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$2.83M

Jobs Retained:

300

Loan Approved:

2020-04-28

Lender:

HSBC BANK USA, NATIONAL ASSOCIATION

Setai Hotel Acquisition LLC received a Paycheck Protection Loan of $2.83M through HSBC BANK USA, NATIONAL ASSOCIATION, which was approved in April, 2020.

Based on standard PPP eligibility rules, Setai Hotel Acquisition LLC's total 2019 payroll expenses were approximately $13.57M in order to qualify for the PPP loan amount received.

Based on their reported 300 jobs retained, this equals an estimated average yearly compensation of $45,228 per employee1.

Because the loan received by Setai Hotel Acquisition LLC 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 - Setai Hotel Acquisition LLC in New York, NY

Setai Hotel Acquisition LLC
1400 Broadway
New York, NY 10018

Business Industry

Hotels (except Casino Hotels) and Motels (NAICS code 721110)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: NY-12

Similar Companies near New York

In the New York area, 114 businesses in the "Hotels (except Casino Hotels) and Motels" industry received a PPP loan. These local businesses reported an average of 57 employees (compared to this company's 300) and received an average PPP loan of $1,035,722 (compared to this company's $2.83M).

Industry PPP Comparison Statistics

Nationwide, 41,528 businesses in the "Hotels (except Casino Hotels) and Motels" industry received a total of $6,692,184,447.00 in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 1% of the total PPP funding allocated.

PPP recipients in this industry report an average of 21 employees, 93% lower than Setai Hotel Acquisition LLC's reported 300 employees, and received an average PPP loan of $161,149, 94% lower than this company's loan of $2.83M.

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.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. 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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/setai-hotel-acquisition-llc-new-york-ny