PPP Loan Data — Westaco, Inc, Scottsdale, AZ

FRANCHISE

Westaco, Inc

Entity: Subchapter S Corporation

Industry: Limited-Service Restaurants

Franchise: Taco Bell

Location: Scottsdale, AZ

Westaco, Inc is a subchapter s corporation located at 7155 E Thomas Rd in Scottsdale, Arizona that received a Coronavirus-related PPP loan from the SBA of $3,830,600.00 in April, 2020. This business is a Taco Bell franchise.

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

$ PPP Loan Information
Loan #7912347007

Loan Size:

$3.83M

Jobs Retained:

500

Loan Approved:

2020-04-08

Loan Status:

Paid in Full or Forgiven

Lender:

City National Bank

Westaco, Inc in Scottsdale, AZ received a Paycheck Protection Loan of $3.83M through City National 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 July, 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, Westaco, Inc's 2019 payroll expenses are estimated to be at least $18.39M.

Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $36,774 per employee¹

Reported PPP Proceed Usage:

On the PPP application, Westaco, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $3,064,480
Health Care: $766,120

Because the loan received by Westaco, 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 - Westaco, Inc in Scottsdale, AZ

Westaco, Inc
7155 E Thomas Rd
Scottsdale, AZ 85251

Business Industry:
Limited-Service Restaurants
NAICS code 722513

Business Owner Demographics

Race: White

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: N

HUBZone: Y

Rural / Urban: Urban

Maricopa County, AZ — SBA Office 0988 — Congressional District: AZ-01

Similar Companies near Scottsdale

In the Scottsdale area, 49 businesses in the "Limited-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 21 employees (compared to this company's 500) and received an average PPP loan of $150,146 (compared to this company's $3.83M).

Similar Nearby Businesses Who Received PPP Funding:

Vaulthospitality LLC
Scottsdale, AZ

$4,400 PPP Loan

Adalberto Davila Inc
Scottsdale, AZ

$58,570 PPP Loan

Am Scottsdale Partners LLC
Scottsdale, AZ

$67,050 PPP Loan

Casella's Italian Deli
Scottsdale, AZ

$5,692 PPP Loan

First Avenue Lounge And Patio,Incorporated
Scottsdale, AZ

$66,725 PPP Loan

Andres Roldan
Scottsdale, AZ

$42,700 PPP Loan

Stir Fry Foods LLC
Scottsdale, AZ

$116,700 PPP Loan

Top Marks
Scottsdale, AZ

$3,616 PPP Loan

Velador Ventures LLC
Scottsdale, AZ

$20,300 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 136,545 businesses in the "Limited-Service Restaurants" industry received a total of $13.87B 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, 96% lower than Westaco, Inc's reported 500 employees, and received an average PPP loan of $101,556, 97% lower than this company's loan of $3.83M.

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.

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