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PPP Loan Data — Erik R Nelson, State Farm Agent, Palos Hills, IL

SBA PPP loan data, payroll data, and salaries for Erik R Nelson, State Farm Agent

Erik R Nelson, State Farm Agent

Entity: Sole Proprietorship

Industry: All Other Nondepository Credit Intermediation

Location: Palos Hills, IL

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Erik R Nelson, State Farm Agent is a sole proprietorship located at 10200 S Roberts Rd in Palos Hills, Illinois that received a Coronavirus-related PPP loan from the SBA of $25,223.00 in April, 2020.

$ PPP Loan Information
Loan #5577317208

Loan Size:


Jobs Retained:


Loan Approved:


Loan Status:

Ongoing Loan


First Secure Bank and Trust Co.

Erik R Nelson, State Farm Agent in Palos Hills, IL received a Paycheck Protection Loan of $25,223 through First Secure Bank and Trust Co., 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.

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.

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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.

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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, Erik R Nelson, State Farm Agent's 2019 payroll expenses are estimated to be at least $121,070.

Based on their reported 8 jobs retained, this equals an estimated average yearly compensation of $15,134 per employee1

Reported PPP Proceed Usage:

On the PPP application, Erik R Nelson, State Farm Agent reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $24,000
  • Mortgage Interest: $1,223

Business Information - Erik R Nelson, State Farm Agent in Palos Hills, IL

Erik R Nelson, State Farm Agent
10200 S Roberts Rd
Palos Hills, IL 60465

Business Industry:
All Other Nondepository Credit Intermediation
NAICS code 522298

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: Y

HUBZone: N

Rural / Urban: Urban

Cook County, IL — SBA Office 0507 — Congressional District: IL-03

Industry PPP Comparison Statistics

Nationwide, 2,800 businesses in the "All Other Nondepository Credit Intermediation" industry received a total of $241.07M 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 8 employees, the same amount reported by Erik R Nelson, State Farm Agent and received an average PPP loan of $86,096, 241% higher than this company's loan of $25,223.

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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** This Document Provided By - The Civil Employee's Resource **