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PPP Loan Data — State Of Mind Holdings LLC,
New York, NY
State Of Mind Holdings LLC
Entity: Limited Liability Company (LLC)
Industry: Full-Service Restaurants
Location: New York, NY
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State Of Mind Holdings LLC is a limited liability company (LLC) located at 150 W 28th St Ste 1403 in New York, New York that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in February, 2021.
The company has reported itself as a male owned business, and employed at least 90 people during the applicable loan loan period.
$
PPP Loan Information
Loan #8003968401
Loan Size:
Jobs Retained:
90Loan Approved:
2021-02-12Loan Status:
Ongoing LoanLender:
American Lending CenterState Of Mind Holdings LLC in New York, NY received a Paycheck Protection Loan of $2M through American Lending Center, which was approved in February, 2021.
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.
The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 90 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 96. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
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, State Of Mind Holdings LLC's 2019 payroll expenses are estimated to be at least $9.6M (not accounting for salary amounts > $100k).
Because the 90 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Reported PPP Proceed Usage:
On the PPP application, State Of Mind Holdings LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,995
- Utilities: $1
Business Information - State Of Mind Holdings LLC in New York, NY
150 W 28th St Ste 1403
New York, NY 10001
Business Industry:
Full-Service Restaurants
NAICS code 722511
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Male Owned
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near New York
In the New York area, 523 businesses in the "Full-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 28 employees (compared to this company's 90) and received an average PPP loan of $247,639 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Erin Mckennas Bakery Operations, LLC
New York, NY
Fondue 26 LLC
New York, NY
Congee Village Inc
New York, NY
K Town 32 Corp
New York, NY
Gobchang Story NY Inc
New York, NY
American Grill Investor LLC
New York, NY
Bbdotqusa K Town Inc
New York, NY
Yangs Ym Group LLC
New York, NY
OLI And Aurel LLC
New York, NY
Industry PPP Comparison Statistics
Nationwide, 309,144 businesses in the "Full-Service Restaurants" industry received a total of $40.98B in PPP loans. These businesses account for 3% of total PPP applications submitted, and received 6% of the total PPP funding allocated.
PPP recipients in this industry report an average of 23 employees, 74% lower than State Of Mind Holdings LLC's reported 90 employees, and received an average PPP loan of $132,556, 93% lower than this company's loan of $2M.
State Of Mind Holdings, LLC
Entity: Limited Liability Company (LLC)
Industry: Full-Service Restaurants
Location: New York, NY
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State Of Mind Holdings, LLC is a limited liability company (LLC) located at 150 W 28th St in New York, New York that received a Coronavirus-related PPP loan from the SBA of $4,665,900.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 419 people during the applicable loan loan period.
$
PPP Loan Information
Loan #3847107206
Loan Size:
Jobs Retained:
419Loan Approved:
2020-04-27Loan Status:
Ongoing LoanLender:
The Fahey Banking CompanyState Of Mind Holdings, LLC in New York, NY received a Paycheck Protection Loan of $4.67M through The Fahey Banking Company, 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, State Of Mind Holdings, LLC's 2019 payroll expenses are estimated to be at least $22.4M.
Based on their reported 419 jobs retained, this equals an estimated average yearly compensation of $53,452 per employee1
Reported PPP Proceed Usage:
On the PPP application, State Of Mind Holdings, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $4,665,900
Business Information - State Of Mind Holdings, LLC in New York, NY
150 W 28th St
New York, NY 10001
Business Industry:
Full-Service Restaurants
NAICS code 722511
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Male Owned
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near New York
In the New York area, 523 businesses in the "Full-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 28 employees (compared to this company's 419) and received an average PPP loan of $247,639 (compared to this company's $4.67M).
Similar Nearby Businesses Who Received PPP Funding:
Erin Mckennas Bakery Operations, LLC
New York, NY
Fondue 26 LLC
New York, NY
Congee Village Inc
New York, NY
K Town 32 Corp
New York, NY
Gobchang Story NY Inc
New York, NY
American Grill Investor LLC
New York, NY
Bbdotqusa K Town Inc
New York, NY
Yangs Ym Group LLC
New York, NY
OLI And Aurel LLC
New York, NY
Industry PPP Comparison Statistics
Nationwide, 309,144 businesses in the "Full-Service Restaurants" industry received a total of $40.98B in PPP loans. These businesses account for 3% of total PPP applications submitted, and received 6% of the total PPP funding allocated.
PPP recipients in this industry report an average of 23 employees, 95% lower than State Of Mind Holdings, LLC's reported 419 employees, and received an average PPP loan of $132,556, 97% lower than this company's loan of $4.67M.
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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