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PPP Loan Data — Setai Hotel Acquisition LLC,
New York, 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 #9252007209
Loan Size:
Jobs Retained:
300Loan Approved:
2020-04-28Loan Status:
Paid in Full or ForgivenLender:
HSBC Bank USA, National AssociationSetai Hotel Acquisition LLC in New York, NY received a Paycheck Protection Loan of $2.83M through HSBC Bank USA, 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 September, 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, Setai Hotel Acquisition LLC's 2019 payroll expenses are estimated to be at least $13.57M.
Based on their reported 300 jobs retained, this equals an estimated average yearly compensation of $45,228 per employee1
Reported PPP Proceed Usage:
On the PPP application, Setai Hotel Acquisition LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,826,735
Business Information - Setai Hotel Acquisition LLC in New York, NY
1400 Broadway
New York, NY 10018
Business Industry:
Hotels (except Casino Hotels) and Motels
NAICS code 721110
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: N
HUBZone: N
Rural / Urban: Urban
Businesses Using Same Address:
There are 6 other businesses that received a PPP loan registered to the same address as Setai Hotel Acquisition LLC.
Jonas Trading III Corp
Men's Clothing Stores
Jonas Trading Corp
Men's Clothing Stores
Made Man Barbershop 4 LLC-Sba Small 7A Term
Unknown
Made Man Barbershop 4 LLC
Barber Shops
HIN Manager LLC
Research and Development in the Physical, Engineering, and Life Sciences (except Nanotechnology and Biotechnology)
Jordache Enterprises Inc
Men’s and Boys’ Cut and Sew Apparel Manufacturing
Similar Companies near New York
In the New York area, 224 businesses in the "Hotels (except Casino Hotels) and Motels" industry received a PPP loan. These local businesses reported an average of 72 employees (compared to this company's 300) and received an average PPP loan of $903,618 (compared to this company's $2.83M).
Similar Nearby Businesses Who Received PPP Funding:
W & E Hospitality Inc
New York, NY
Mayfair Hotel Associates LLC
New York, NY
EBJ Sagamore LLC
New York, NY
Jane Street Hotel, LLC
New York, NY
GIY Owner LLC
New York, NY
MR. C Coconut Grove LLC
New York, NY
The Georgian Motel Corporation
New York, NY
Hudson Leaseco, LLC
New York, NY
Imdn Holdings LLC
New York, NY
Industry PPP Comparison Statistics
Nationwide, 81,995 businesses in the "Hotels (except Casino Hotels) and Motels" industry received a total of $13.92B 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 23 employees, 92% lower than Setai Hotel Acquisition LLC's reported 300 employees, and received an average PPP loan of $169,748, 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. 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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