PPP Loan Data — Wang & King Asian Cafe, Charlotte, NC
Wang & King Asian Cafe is a sole proprietorship located at 10720 S Tryon St Ste A in Charlotte, North Carolina that received a Coronavirus-related PPP loan from the SBA of $25,101.00 in May, 2020.
The company has reported itself as an Asian male owned business, and employed at least seven people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Bank of America, National Association
Wang & King Asian Cafe in Charlotte, NC received a Paycheck Protection Loan of $25,101 through Bank of America, 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 April, 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, Wang & King Asian Cafe's 2019 payroll expenses are estimated to be at least $120,485.
Based on their reported 7 jobs retained, this equals an estimated average yearly compensation of $17,212 per employee1
Reported PPP Proceed Usage:
On the PPP application, Wang & King Asian Cafe reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,101
Business Information - Wang & King Asian Cafe in Charlotte, NC
10720 S Tryon St Ste A
Charlotte, NC 28273
NAICS code 722513
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Charlotte
In the Charlotte area, 38 businesses in the "Limited-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 58 employees (compared to this company's 7) and received an average PPP loan of $460,753 (compared to this company's $25,101).
Similar Nearby Businesses Who Received PPP Funding:
JM Red Bank, LLC
Carolina Restaurant Group, Inc
JM Chapin, LLC
LRB & B Inc
JM South Tryon LLC
Blake-Ward Holdings LLC
Prairie Pizza Inc
Industry PPP Comparison Statistics
Nationwide, 137,629 businesses in the "Limited-Service Restaurants" industry received a total of $13.9B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 2% of the total PPP funding allocated.
PPP recipients in this industry report an average of 21 employees, 200% higher than Wang & King Asian Cafe's reported 7 employees, and received an average PPP loan of $100,980, 302% higher than this company's loan of $25,101.
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Footnotes & Information
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