![]() He came to my store to look at my business, to meet me and shake my hand,” said Kim. It is that kind of business and business-owner Negri said he wanted. “He chased me down … called me … and wanted my business there,” said Kim. Kim gives credit to Scott Negri, the developer of the Dunes site, for pursuing and encouraging him. The repair shops employ seven people and will likely be adding three more positions once the Marina site is open. Main Street in Salinas has been in business for six of the ten years Kim has been plying his trade and his shop at 443 Canyon Del Rey Boulevard in Del Rey Oaks has been open for five years. “He was leery of the concept but my enthusiasm convinced him to give me a shot,” said Kim. He wanted the security of a franchise or something he had heard of and had some knowledge about, said Kim. ![]() He did not really understand what kind of business Kim was in. Kim jumped on the opportunity, met with the landlord and secured his first shop.Īccording to Kim, the landlord was a hard sell. One day Kim left his pseudo-office at Starbucks on South Main Street in Salinas when he saw the storefront next door was available for lease. That part of his enterprise afforded him the ability to travel even more, make more resales, and to put away seed money to fund what would become his brick and mortar presence. ![]() They wanted the one item nobody else had,” said Kim. So Kim came up with the idea to finance his travels by purchasing iPhones in the U.S., then reselling them, in the eastern European countries he visited, for a huge profit. On his adventures he discovered people in other countries were amazed and enamored by the Apple smartphone and offered to buy his for big bucks. Kim said he was able to make enough money to travel. “People were using BlackBerries and Palm devices, but I was big on iPhone” and many others would follow suit. In order to qualify for the PPP loan amount received, Ubreak Iphix LLC's 2019 payroll expenses are estimated to be at least $31,622.“iPhone was a novelty back then,” in 2007, said Kim. Please Note: Information on estimated payroll and compensation based on PPP rules is provided for informational purposes only.īased 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). Additionally, because this standard calculation is based on the maximum loan eligibility, it will under-estimate payroll costs if the business did not apply for the full amount of loan to which it was entitled based on its 2019 payroll expenses and other variables described above.Because salaries for PPP eligibility purposes are capped at $100k, businesses with highly-compensated employees will yield an under-estimation of actual payroll costs.This estimation assumes that the PPP recipient applied for the full amount for which they were eligible, and no other variables affected the loan amount received. Situations may exist in which it may not be accurate to estimate a PPP recipient's payroll expenses based on the amount of PPP loan received. SES - Senior Executive Service Pay Calculatorįor Ubreak Iphix LLC, the calculation used to estimate payroll costs is shown below:.FWS - Federal Wage System Pay Calculator.
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