PPP Loan Data — Burnette Foods, Inc., Elk Rapids, MI
Burnette Foods, Inc. is a corporation located at 701 Us 31 South in Elk Rapids, Michigan that received a Coronavirus-related PPP loan from the SBA of $4,183,900.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 433 people during the applicable loan loan period.
$ PPP Loan Information
Lender:FIFTH THIRD BANK
Burnette Foods, Inc. received a Paycheck Protection Loan of $4.18M through FIFTH THIRD BANK, which was approved in April, 2020.
Based on standard PPP eligibility rules, Burnette Foods, Inc.'s total 2019 payroll expenses were approximately $20.08M in order to qualify for the PPP loan amount received.
Based on their reported 433 jobs retained, this equals an estimated average yearly compensation of $46,380 per employee1.
Business Information - Burnette Foods, Inc. in Elk Rapids, MI
701 Us 31 South
Elk Rapids, MI 49629
Fruit and Vegetable Canning (NAICS code 311421)
Business Owner Demographics
Race / Ethnicity: Unreported
Gender: MALE OWNED
Veteran Status: NON-VETERANCongressional District: MI-01
Industry PPP Comparison Statistics
Nationwide, 282 businesses in the "Fruit and Vegetable Canning" industry received a total of $84,217,732.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.
PPP recipients in this industry report an average of 26 employees, 94% lower than Burnette Foods, Inc.'s reported 433 employees, and received an average PPP loan of $298,644, 93% lower than this company's loan of $4.18M.
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.
Footnotes & Information
1. 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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