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PPP Loan Data — Sushi Train Inc, Minneapolis, MN

ALERT: There are 2 PPP loans for a total of $440,700 in our database for businesses with the name "Sushi Train Inc" in Minneapolis, MN. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Sushi Train Inc
MN

Sushi Train Inc

Entity: Subchapter S Corporation

Industry: Full-Service Restaurants

Location: Minneapolis, MN

Search All PPP Data

Sushi Train Inc is a subchapter s corporation located at 1200 Nicollet Mall Ste C3 in Minneapolis, Minnesota that received a Coronavirus-related PPP loan from the SBA of $257,200.00 in March, 2021.

The company has reported itself as an Asian male owned business, and employed at least twelve people during the applicable loan loan period.

$ PPP Loan Information
Loan #7876588508

Loan Size:

$257,200

Jobs Retained:

12

Loan Approved:

2021-03-08

Loan Status:

Active Un-Disbursed

Lender:

CRF Small Business Loan Company, LLC
Likely Employment Reduction3 PPP Funds Undisbursed

Sushi Train Inc in Minneapolis, MN received a Paycheck Protection Loan of $257,200 through CRF Small Business Loan Company, LLC, 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 $257,200 in approved PPP funding has not been disbursed. The loan's status was last updated by the SBA in March, 2021.

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 12 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 12. 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 More
Understanding 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 More

Based 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, Sushi Train Inc's 2019 payroll expenses are estimated to be at least $1.23M (not accounting for salary amounts > $100k).

Because the 12 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, Sushi Train Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $257,196
  • Utilities: $1

Business Information - Sushi Train Inc in Minneapolis, MN

Sushi Train Inc
1200 Nicollet Mall Ste C3
Minneapolis, MN 55403

Business Industry:
Full-Service Restaurants
NAICS code 722511

Business Owner Demographics

Race: Asian

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

Hennepin County, MN — SBA Office 0508 — Congressional District: MN-05

Similar Companies near Minneapolis

In the Minneapolis area, 120 businesses in the "Full-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 26 employees (compared to this company's 12) and received an average PPP loan of $193,324 (compared to this company's $257,200).

Industry PPP Comparison Statistics

Nationwide, 322,868 businesses in the "Full-Service Restaurants" industry received a total of $42.2B 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, 83% higher than Sushi Train Inc's reported 12 employees, and received an average PPP loan of $130,696, 49% lower than this company's loan of $257,200.

SBA PPP loan data, payroll data, and salaries for Sushi Train Inc
MN

Sushi Train Inc

Entity: Subchapter S Corporation

Industry: Full-Service Restaurants

Location: Minneapolis, MN

Search All PPP Data

Sushi Train Inc is a subchapter s corporation located at 1200 Nicollet Mall in Minneapolis, Minnesota that received a Coronavirus-related PPP loan from the SBA of $183,500.00 in April, 2020.

The company has reported itself as an Asian male owned business, and employed at least four people during the applicable loan loan period.

$ PPP Loan Information
Loan #9983997108

Loan Size:

$183,500

Jobs Retained:

4

Loan Approved:

2020-04-15

Loan Status:

Ongoing Loan

Lender:

CRF Small Business Loan Company, LLC
Likely Employment Reduction3

Sushi Train Inc in Minneapolis, MN received a Paycheck Protection Loan of $183,500 through CRF Small Business Loan Company, LLC, 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 4 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 9. 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 More
Understanding 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 More

Based 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, Sushi Train Inc's 2019 payroll expenses are estimated to be at least $880,800 (not accounting for salary amounts > $100k).

Because the 4 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, Sushi Train Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $152,000
  • Utilities: $6,000
  • Rent: $24,000
  • Health Care: $1,500

Business Information - Sushi Train Inc in Minneapolis, MN

Sushi Train Inc
1200 Nicollet Mall
Minneapolis, MN 55403

Business Industry:
Full-Service Restaurants
NAICS code 722511

Business Owner Demographics

Race: Asian

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: New Business or 2 years or less

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

Hennepin County, MN — SBA Office 0508 — Congressional District: MN-05

Similar Companies near Minneapolis

In the Minneapolis area, 120 businesses in the "Full-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 26 employees (compared to this company's 4) and received an average PPP loan of $193,324 (compared to this company's $183,500).

Industry PPP Comparison Statistics

Nationwide, 322,868 businesses in the "Full-Service Restaurants" industry received a total of $42.2B 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, 450% higher than Sushi Train Inc's reported 4 employees, and received an average PPP loan of $130,696, 29% lower than this company's loan of $183,500.

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.

Search FederalPay's Full PPP Loan Database

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.

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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Source: www.federalpay.org/paycheck-protection-program/sushi-train-inc-minneapolis-mn