ENCANTO RESTAURANTS INC
PPP Loan approved Apr 8, 2020 through Banco Popular de Puerto Rico
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $7,295,496.25 | 75.0% |
| Utilities | $1,071,603.75 | 11.0% |
| Rent / Lease | $1,360,000.00 | 14.0% |
About This Loan
ENCANTO RESTAURANTS INC received a PPP loan of $9,727,100 approved on Apr 8, 2020. The loan was originated by Banco Popular de Puerto Rico.
ENCANTO RESTAURANTS INC is a corporation located in SAN JUAN, Puerto Rico. At the time of the application, the business was described as "existing or more than 2 years old". It is a franchise location of Pizza Hut.
The business operates in the Accommodation and Food Services industry (NAICS 722513), part of the Accommodation and Food Services sector of the economy. The applicant reported 500 jobs as retained through this loan.
The SBA forgave $9,841,123.23 of this loan — 101.2% of the total approved amount, with forgiveness recorded on Jun 11, 2021. This means the borrower was not required to repay this portion, having satisfied the PPP's eligibility criteria for forgiveness, including maintaining payroll levels and using the funds for qualified expenses.
According to the SBA's records, the proceeds of this loan were allocated as follows: $7,295,496 to payroll, $1,071,604 to utilities, $1,360,000 to rent or lease obligations. The payroll component represents 75.0% of disclosed proceeds, consistent with the program's requirement that at least 60% of loan funds be used for payroll costs to qualify for full forgiveness.
This loan is one of millions approved nationwide during the COVID-19 pandemic. To explore other recipients in Puerto Rico, visit the Puerto Rico page. To compare this loan with others in the same industry, see the Accommodation and Food Services industry page.