PPP Loan Data — Sugaboat's Restaurant, Jackson, TN
Sugaboat's Restaurant is a sole proprietorship located in Jackson, Tennessee that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Sugaboat's Restaurant in Jackson, TN received a Paycheck Protection Loan of $25,000 through Regions Bank, 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.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 1 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 1. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
Reported PPP Proceed Usage:
On the PPP application, Sugaboat's Restaurant reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Sugaboat's Restaurant in Jackson, TN
* Full address is redacted to protect the privacy of individuals.
NAICS code 722511
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Jackson
In the Jackson area, 20 businesses in the "Full-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 11 employees (compared to this company's 1) and received an average PPP loan of $57,320 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Ridgeway Brothers, Inc
Kanpai Sushi Bar & Fusion, Inc
Los Portales South, LLC
JAI Ganesh Jackson Inc
OLE Irish LLC
JAI Jalaram Jackson Inc
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, 2100% higher than Sugaboat's Restaurant's reported 1 employees, and received an average PPP loan of $129,504, 418% higher than this company's loan of $25,000.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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