PPP Loan Data — Upward Projects Holdings, LLC, Phoenix, AZ

Upward Projects Holdings, LLC

Entity: Limited Liability Company (LLC)

Industry: Full-Service Restaurants

Location: Phoenix, AZ

Upward Projects Holdings, LLC is a limited liability company (LLC) located at 3443 N Central Ave in Phoenix, Arizona that received a Coronavirus-related PPP loan from the SBA of $5,663,910.00 in April, 2020.

$ PPP Loan Information
Loan #6279887004

Loan Size:

$5.66M

Jobs Retained:

500

Loan Approved:

2020-04-06

Loan Status:

Paid in Full or Forgiven

Lender:

Western Alliance Bank

Upward Projects Holdings, LLC in Phoenix, AZ received a Paycheck Protection Loan of $5.66M through Western Alliance Bank, which was approved in April, 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 November, 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.

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.

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, Upward Projects Holdings, LLC's 2019 payroll expenses are estimated to be at least $27.19M.

Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $54,374 per employee¹

Reported PPP Proceed Usage:

On the PPP application, Upward Projects Holdings, LLC reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $4,710,506
Utilities: $212,226
Rent: $741,178

Because the loan received by Upward Projects Holdings, LLC is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Upward Projects Holdings, LLC in Phoenix, AZ

Upward Projects Holdings, LLC
3443 N Central Ave
Phoenix, AZ 85012

Business Industry:
Full-Service Restaurants
NAICS code 722511

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: Urban

Maricopa County, AZ — SBA Office 0988 — Congressional District: AZ-03

Businesses Using Same Address:

There is one other business that received a PPP loan registered to the same address as Upward Projects Holdings, LLC.

Boys Hope Girls Hope Of Arizona Inc
Child and Youth Services

$154,695 PPP Loan

Similar Companies near Phoenix

In the Phoenix area, 58 businesses in the "Full-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 37 employees (compared to this company's 500) and received an average PPP loan of $282,820 (compared to this company's $5.66M).

Similar Nearby Businesses Who Received PPP Funding:

Thanos Enterprises Inc
Phoenix, AZ

$142,285 PPP Loan

Arizona Food Revolution
Phoenix, AZ

$276,528 PPP Loan

Welcome 16Th St, LLC
Phoenix, AZ

$51,800 PPP Loan

WD Pierce Op LLC
Phoenix, AZ

$258,020 PPP Loan

PHX Burrito House LLC
Phoenix, AZ

$49,385 PPP Loan

Short Leash LLC
Phoenix, AZ

$38,007 PPP Loan

Balloons Cafe Inc
Phoenix, AZ

$183,112 PPP Loan

Restaurant Progress
Phoenix, AZ

$110,784 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 326,413 businesses in the "Full-Service Restaurants" industry received a total of $42.5B 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, 96% lower than Upward Projects Holdings, LLC's reported 500 employees, and received an average PPP loan of $130,196, 98% lower than this company's loan of $5.66M.

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.

Have FederalPay.org's open data tools been valuable? Consider donating!