This loan was approved on 4/14/2020 and has been fully disbursed.
P.f. Chang's China Bistro, Inc
8377 E Hartford Dr Ste 200 Scottsdale, AZ 85255-5687
P.f. Chang's China Bistro, Inc is a Full-Service Restaurants Corporation located at 8377 E Hartford Dr Ste 200 Scottsdale, AZ 85255-5687 with 500 employees.
P.f. Chang's China Bistro, Inc., located in Scottsdale, AZ is a full-service restaurant chain featuring an upscale offering of Asian-inspired cuisine. Founded in 1993 by restaurateur Paul Fleming and Philip Chiang, the company has grown to 500 employees and operates over 400 restaurants throughout North America as well as select locations internationally. The primary focus of P.f. Chang’s is to provide exceptional food and great service while creating a memorable experience for customers through its signature combination of bold Asian flavors and contemporary design elements that set it apart from traditional Chinese restaurants. The menu features both classic favorites such as handcrafted dim sum and specialties like Mongolian Beef with garlic sauce or Peking Duck Wraps – all made with fresh ingredients, locally sourced whenever possible, cooked by experienced chefs utilizing the latest culinary techniques available today Pampered with an atmosphere reminiscent of renowned artisans across Asia, guests can expect attentive service in comfortable yet stylish surroundings at any one of the many PFCB locations– from popular urban centers to suburban shopping malls – each offering seasonal menus ensuring diners are always met with something new on every visit. With such a unique concept comes unique challenges that have been successfully overcome due to careful management attention on menu innovation combined with operational excellence across all business segments ranging from supply chain management through marketing execution delivered via modern technology solutions for today’s savvy consumer culture .
During round 1 of the paycheck protection program, P.f. Chang's China Bistro, Inc requested a PPP loan for $10,000,000.00. They were approved on 4/14/2020 by the SBA for an amount of $10,000,000.00. The loan was facillitated by Newtek Small Business Finance, Inc. Of the approved amount, P.f. Chang's China Bistro, Inc has received 100% of the approved amount.
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The Small Business Administration (SBA) is not collecting on loans that should be paid back, citing "equity" as the reason. The SBA's Inspector General says this will set a precedent that will encourage fraud.