PPP Loan Data — Fairmont Farms Consumer Housing Cooperative, Pontiac, MI
Fairmont Farms Consumer Housing Cooperative is a non-profit organization located at 436 W. Fairmount Ave in Pontiac, Michigan that received a Coronavirus-related PPP loan from the SBA of $46,800.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:KeyBank National Association
Fairmont Farms Consumer Housing Cooperative in Pontiac, MI received a Paycheck Protection Loan of $46,800 through KeyBank National Association, 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
Understanding Payroll Estimates Based On PPP Amount
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, Fairmont Farms Consumer Housing Cooperative's 2019 payroll expenses are estimated to be at least $224,640.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $56,160 per employee1
Reported PPP Proceed Usage:
On the PPP application, Fairmont Farms Consumer Housing Cooperative reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,800
Business Information - Fairmont Farms Consumer Housing Cooperative in Pontiac, MI
436 W. Fairmount Ave
Pontiac, MI 48340
Offices of Real Estate Agents and Brokers
NAICS code 531210
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Pontiac
In the Pontiac area, 10 businesses in the "Offices of Real Estate Agents and Brokers" industry received a PPP loan. These local businesses reported an average of 1 employees (compared to this company's 4) and received an average PPP loan of $15,005 (compared to this company's $46,800).
Similar Nearby Businesses Who Received PPP Funding:
Five Star Property Group LLC
Lizana Realty LLC
Ethel Lorraine Lizana
Carol Gomez Bonilla
Industry PPP Comparison Statistics
Nationwide, 255,794 businesses in the "Offices of Real Estate Agents and Brokers" industry received a total of $5.75B in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 2 employees, 50% lower than Fairmont Farms Consumer Housing Cooperative's reported 4 employees, and received an average PPP loan of $22,469, 52% lower than this company's loan of $46,800.
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Footnotes & Information
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