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PPP Loan Data — Arrowhead Farms, Wolf Lake, IL

SBA PPP loan data, payroll data, and salaries for Arrowhead Farms
IL

Arrowhead Farms

Entity: Sole Proprietorship

Industry: Oilseed and Grain Combination Farming

Location: Wolf Lake, IL

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Arrowhead Farms is a sole proprietorship located at 4630 St Rt 3 N Po Box 135 in Wolf Lake, Illinois that received a Coronavirus-related PPP loan from the SBA of $45,703.00 in April, 2020.

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

$ PPP Loan Information
Loan #6868617100

Loan Size:

$45,703

Jobs Retained:

3

Loan Approved:

2020-04-14

Loan Status:

Ongoing Loan

Lender:

Anna-Jonesboro National Bank
PPP Funds Undisbursed

Arrowhead Farms in Wolf Lake, IL received a Paycheck Protection Loan of $45,703 through Anna-Jonesboro National Bank, which was approved in April, 2020.

This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA. According to SBA records, a total of $20,881 in approved PPP funding has not been disbursed.

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, Arrowhead Farms' 2019 payroll expenses are estimated to be at least $219,374.

Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $73,125 per employee1

Reported PPP Proceed Usage:

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

  • Payroll: $45,703

Business Information - Arrowhead Farms in Wolf Lake, IL

Arrowhead Farms
4630 St Rt 3 N Po Box 135
Wolf Lake, IL 62998

Business Industry:
Oilseed and Grain Combination Farming
NAICS code 111191

Business Owner Demographics

Race: White

Ethnicity: Unreported

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age:

LMI Zone: N

HUBZone: N

Rural / Urban: Rural

Union County, IL — SBA Office 0507 — Congressional District: IL-12

Similar Companies near Wolf Lake

In the Wolf Lake area, 5 businesses in the "Oilseed and Grain Combination Farming" industry received a PPP loan. These local businesses reported an average of 2 employees (compared to this company's 3) and received an average PPP loan of $32,299 (compared to this company's $45,703).

Industry PPP Comparison Statistics

Nationwide, 32,716 businesses in the "Oilseed and Grain Combination Farming" industry received a total of $644.3M 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 2 employees, 33% lower than Arrowhead Farms' reported 3 employees, and received an average PPP loan of $19,694, 57% lower than this company's loan of $45,703.

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/arrowhead-farms-wolf-lake-il