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PPP Loan Data — West Quality Food Service Inc, Laurel, MS

SBA PPP loan data, payroll data, and salaries for West Quality Food Service Inc

FRANCHISE

MS

West Quality Food Service Inc

Entity: Corporation

Industry: Offices of Other Holding Companies

Franchise: Taco Bell

Location: Laurel, MS

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West Quality Food Service Inc is a corporation located at 220 N 16th Ave in Laurel, Mississippi that received a Coronavirus-related PPP loan from the SBA of $3,973,318.00 in April, 2020. This business is a Taco Bell franchise.

The company has reported itself as a male owned business, and employed at least 500 people during the applicable loan loan period.

$ PPP Loan Information
Loan #1477637106

Loan Size:

$3.97M

Jobs Retained:

500

Loan Approved:

2020-04-10

Loan Status:

Paid in Full or Forgiven

Lender:

First State Bank

West Quality Food Service Inc in Laurel, MS received a Paycheck Protection Loan of $3.97M through First State 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 August, 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.

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, West Quality Food Service Inc's 2019 payroll expenses are estimated to be at least $19.07M.

Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $38,144 per employee1

Reported PPP Proceed Usage:

On the PPP application, West Quality Food Service Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $3,973,318
Because the loan received by West Quality Food Service Inc 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 - West Quality Food Service Inc in Laurel, MS

West Quality Food Service Inc
220 N 16th Ave
Laurel, MS 39440

Business Industry:
Offices of Other Holding Companies
NAICS code 551112

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

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: Rural

Jones County, MS — SBA Office 0470 — Congressional District: MS-04

Businesses Using Same Address:

There are 3 other businesses that received a PPP loan registered to the same address as West Quality Food Service Inc.

Vic's Biscuits And Burgers, Inc
Full-Service Restaurants

$94,008 PPP Loan

KT Of Baton Rouge, LLC
Full-Service Restaurants

$302,608 PPP Loan

Coastal Express
Full-Service Restaurants

$342,425 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 12,406 businesses in the "Offices of Other Holding Companies" industry received a total of $1.56B in PPP loans. This industry in total received less than 1% of the total PPP funding distributed.

PPP recipients in this industry report an average of 13 employees, 97% lower than West Quality Food Service Inc's reported 500 employees, and received an average PPP loan of $125,465, 97% lower than this company's loan of $3.97M.

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.

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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.


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Source: www.federalpay.org/paycheck-protection-program/west-quality-food-service-inc-laurel-ms