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PPP Loan Data — South American Restaurants Corp,
Guaynabo, PR
FRANCHISE
PRSouth American Restaurants Corp
Entity: Corporation
Industry: Limited-Service Restaurants
Franchise: Church's Chicken
Location: Guaynabo, PR
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South American Restaurants Corp is a corporation located at 35 Calle Diana Amelia Industrial Park in Guaynabo, Puerto Rico that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in March, 2021. This business is a Church's Chicken franchise.
$
PPP Loan Information
Loan #2534948702
Loan Size:
Jobs Retained:
300Loan Approved:
2021-03-29Loan Status:
Active Un-DisbursedLender:
Banco Popular de Puerto RicoSouth American Restaurants Corp in Guaynabo, PR received a Paycheck Protection Loan of $2M through Banco Popular de Puerto Rico, which was approved in March, 2021.
While this loan has been approved by the Small Business Administration, the lender has not reported to the SBA that the loan funds were disbursed to the borrower. According to SBA records, a total of $2M in approved PPP funding has not been disbursed. The loan's status was last updated by the SBA in March, 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, South American Restaurants Corp's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 300 jobs retained, this equals an estimated average yearly compensation of $32,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, South American Restaurants Corp reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,000,000
Business Information - South American Restaurants Corp in Guaynabo, PR
35 Calle Diana Amelia Industrial Park
Guaynabo, PR 968
Business Industry:
Limited-Service Restaurants
NAICS code 722513
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: Rural
Similar Companies near Guaynabo
In the Guaynabo area, 23 businesses in the "Limited-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 107 employees (compared to this company's 300) and received an average PPP loan of $1,099,716 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Vncp LLC
Guaynabo, PR
Gdelight Inc
Guaynabo, PR
Dorado BBQ Inc
Guaynabo, PR
On The Grill Franchising Corp
Guaynabo, PR
Caribbean Restaurants LLC
Guaynabo, PR
B Gardens LLC
Guaynabo, PR
Majao Restaurants LLC
Guaynabo, PR
Ericktm Inc
Guaynabo, PR
Industry PPP Comparison Statistics
Nationwide, 127,949 businesses in the "Limited-Service Restaurants" industry received a total of $13.48B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 2% of the total PPP funding allocated.
PPP recipients in this industry report an average of 22 employees, 93% lower than South American Restaurants Corp's reported 300 employees, and received an average PPP loan of $105,388, 95% lower than this company's loan of $2M.
FRANCHISE
PRSouth American Restaurants Corp
Entity: Corporation
Industry: Limited-Service Restaurants
Franchise: Church's Chicken
Location: Guaynabo, PR
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•
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South American Restaurants Corp is a corporation located at 35 Diana St, Amelia Industrial Park in Guaynabo, Puerto Rico that received a Coronavirus-related PPP loan from the SBA of $10,000,000.00 in April, 2020. This business is a Church's Chicken franchise.
$
PPP Loan Information
Loan #3828657103
Loan Size:
Jobs Retained:
500Loan Approved:
2020-04-12Loan Status:
Ongoing LoanLender:
Banco Popular de Puerto RicoSouth American Restaurants Corp in Guaynabo, PR received a Paycheck Protection Loan of $10M through Banco Popular de Puerto Rico, which was approved in April, 2020.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.
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, South American Restaurants Corp's 2019 payroll expenses are estimated to be at least $48M.
Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $96,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, South American Restaurants Corp reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $7,500,000
- Utilities: $1,336,250
- Mortgage Interest: $146,750
- Rent: $1,017,000
Business Information - South American Restaurants Corp in Guaynabo, PR
35 Diana St, Amelia Industrial Park
Guaynabo, PR 969
Business Industry:
Limited-Service Restaurants
NAICS code 722513
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: Rural
Similar Companies near Guaynabo
In the Guaynabo area, 23 businesses in the "Limited-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 107 employees (compared to this company's 500) and received an average PPP loan of $1,099,716 (compared to this company's $10M).
Similar Nearby Businesses Who Received PPP Funding:
Cayey Investment Corp
Guaynabo, PR
Vncp LLC
Guaynabo, PR
La Estrella Fast Food Inc
Guaynabo, PR
J & C Corporation
Guaynabo, PR
HR Investment Corp
Guaynabo, PR
Caribbean Glaze Corporation
Guaynabo, PR
PT, Inc
Guaynabo, PR
Island Creamery Inc
Guaynabo, PR
Majao Restaurants LLC
Guaynabo, PR
Industry PPP Comparison Statistics
Nationwide, 127,949 businesses in the "Limited-Service Restaurants" industry received a total of $13.48B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 2% of the total PPP funding allocated.
PPP recipients in this industry report an average of 22 employees, 96% lower than South American Restaurants Corp's reported 500 employees, and received an average PPP loan of $105,388, 99% lower than this company's loan of $10M.
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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