PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Corn Man LLC, Dexter, MI

ALERT: There are 2 PPP loans for a total of $360,794 in our database for businesses with the name "Corn Man LLC" in Dexter, MI. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Corn Man LLC
MI

Corn Man LLC

Entity: Limited Liability Company (LLC)

Industry: Caterers

Location: Dexter, MI

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Corn Man LLC is a limited liability company (LLC) located at 8540 Island Lake Rd in Dexter, Michigan that received a Coronavirus-related PPP loan from the SBA of $211,120.00 in January, 2021.

$ PPP Loan Information
Loan #3846068310

Loan Size:

$211,120

Jobs Retained:

9

Loan Approved:

2021-01-22

Loan Status:

Paid in Full or Forgiven

Lender:

Level One Bank
Likely Employment Reduction3

Corn Man LLC in Dexter, MI received a Paycheck Protection Loan of $211,120 through Level One Bank, which was approved in January, 2021.

This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in September, 2021.

The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 9 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.

The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 10. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.

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, Corn Man LLC's 2019 payroll expenses are estimated to be at least $1.01M (not accounting for salary amounts > $100k).

Because the 9 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.

Reported PPP Proceed Usage:

On the PPP application, Corn Man LLC reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $211,115
  • Utilities: $1

Business Information - Corn Man LLC in Dexter, MI

Corn Man LLC
8540 Island Lake Rd
Dexter, MI 48130

Business Industry:
Caterers
NAICS code 722320

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Washtenaw County, MI — SBA Office 0515 — Congressional District: MI-07

Similar Companies near Dexter

In the Dexter area, 5 businesses in the "Caterers" industry received a PPP loan. These local businesses reported an average of 6 employees (compared to this company's 9) and received an average PPP loan of $82,720 (compared to this company's $211,120).

Industry PPP Comparison Statistics

Nationwide, 78,078 businesses in the "Caterers" industry received a total of $2.83B 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 4 employees, 56% lower than Corn Man LLC's reported 9 employees, and received an average PPP loan of $36,210, 83% lower than this company's loan of $211,120.

SBA PPP loan data, payroll data, and salaries for Corn Man, LLC
MI

Corn Man, LLC

Entity: Limited Liability Company (LLC)

Industry: Business Associations

Location: Dexter, MI

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Corn Man, LLC is a limited liability company (LLC) located at 8540 Island Lake Rd in Dexter, Michigan that received a Coronavirus-related PPP loan from the SBA of $149,674.00 in April, 2020.

$ PPP Loan Information
Loan #7022487001

Loan Size:

$149,674

Jobs Retained:

29

Loan Approved:

2020-04-07

Loan Status:

Paid in Full or Forgiven

Lender:

Level One Bank

Corn Man, LLC in Dexter, MI received a Paycheck Protection Loan of $149,674 through Level One Bank, which was approved in April, 2020.

This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in April, 2021.

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, Corn Man, LLC's 2019 payroll expenses are estimated to be at least $718,435.

Based on their reported 29 jobs retained, this equals an estimated average yearly compensation of $24,774 per employee1

Reported PPP Proceed Usage:

On the PPP application, Corn Man, LLC reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $149,674

Business Information - Corn Man, LLC in Dexter, MI

Corn Man, LLC
8540 Island Lake Rd
Dexter, MI 48130

Business Industry:
Business Associations
NAICS code 813910

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: New Business or 2 years or less

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Washtenaw County, MI — SBA Office 0515 — Congressional District: MI-07

Industry PPP Comparison Statistics

Nationwide, 17,249 businesses in the "Business Associations" industry received a total of $1.16B 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 6 employees, 79% lower than Corn Man, LLC's reported 29 employees, and received an average PPP loan of $67,298, 55% lower than this company's loan of $149,674.

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.

Search FederalPay's Full PPP Loan Database

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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/corn-man-llc-dexter-mi