Fareva Morton Grove, Inc. in Morton Grove, IL - SBA PPP Loan Data (Paycheck Protection Program)

PPP Loan Data — Fareva Morton Grove, Inc., Morton Grove, IL

Fareva Morton Grove, Inc.

Entity: Corporation

Industry: Pharmaceutical Preparation Manufacturing

Location: Morton Grove, IL

Fareva Morton Grove, Inc. is a corporation located at 6901 Golf Rd in Morton Grove, Illinois that received a Coronavirus-related PPP loan from the SBA of $3,235,000.00 in May, 2020.

$ PPP Loan Information

Loan Size:

$3.24M

Jobs Retained:

231

Loan Approved:

2020-05-12

Lender:

NORTHBROOK BANK & TRUST COMPANY, NATIONAL ASSOCIATION

Fareva Morton Grove, Inc. in Morton Grove, IL received a Paycheck Protection Loan of $3.24M through NORTHBROOK BANK & TRUST COMPANY, NATIONAL ASSOCIATION, which was approved in May, 2020.

Based on standard PPP eligibility rules, Fareva Morton Grove, Inc.'s total 2019 payroll expenses were approximately $15.53M in order to qualify for the PPP loan amount received.

Based on their reported 231 jobs retained, this equals an estimated average yearly compensation of $67,221 per employee¹.

Because the loan received by Fareva Morton Grove, Inc. is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Fareva Morton Grove, Inc. in Morton Grove, IL

Fareva Morton Grove, Inc.
6901 Golf Rd
Morton Grove, IL 60053

Business Industry

Pharmaceutical Preparation Manufacturing (NAICS code 325412)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: IL-09

Industry PPP Comparison Statistics

Nationwide, 1,351 businesses in the "Pharmaceutical Preparation Manufacturing" industry received a total of $515,322,883.00 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 22 employees, 90% lower than Fareva Morton Grove, Inc.'s reported 231 employees, and received an average PPP loan of $381,438, 88% lower than this company's loan of $3.24M.

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, and is published unmodified, as provided by the SBA.

Search FederalPay's Full PPP Loan Database

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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