PPP Loan Data — True Foods LLC, Tempe, AZ
True Foods LLC is a limited liability company (LLC) located at 521 S College Ave in Tempe, Arizona that received a Coronavirus-related PPP loan from the SBA of $25,490.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Wells Fargo Bank, National Association
True Foods LLC in Tempe, AZ received a Paycheck Protection Loan of $25,490 through Wells Fargo Bank, National Association, which was approved in May, 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 May, 2021.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
Understanding Payroll Estimates Based On PPP Amount
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, True Foods LLC's 2019 payroll expenses are estimated to be at least $122,352.
Based on their reported 9 jobs retained, this equals an estimated average yearly compensation of $13,595 per employee1
Reported PPP Proceed Usage:
On the PPP application, True Foods LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,490
Business Information - True Foods LLC in Tempe, AZ
521 S College Ave
Tempe, AZ 85281
NAICS code 722511
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Tempe
In the Tempe area, 165 businesses in the "Full-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 34 employees (compared to this company's 9) and received an average PPP loan of $130,237 (compared to this company's $25,490).
Similar Nearby Businesses Who Received PPP Funding:
Doner Enterprises LLC
Scabbard Hook Syndicate LLC
B2K Management Group, LLC
All Greek To Me LLC
Artistic Provisions LLC
Haas Enterprises Inc
Redrock Finest Services LLC
Farmer Hunting Lodge
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, 144% higher than True Foods LLC's reported 9 employees, and received an average PPP loan of $129,504, 408% higher than this company's loan of $25,490.
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Footnotes & Information
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