PPP Loan Data — Field Fresh Foods Incorporated, Gardena, CA

Field Fresh Foods Incorporated

Entity: Corporation

Industry: Frozen Fruit, Juice, and Vegetable Manufacturing

Location: Gardena, CA

Field Fresh Foods Incorporated is a corporation located at 14805 San Pedro St in Gardena, California that received a Coronavirus-related PPP loan from the SBA of $4,604,500.00 in April, 2020.

The company has reported itself as a White male owned business, and employed at least 500 people during the applicable loan loan period.

$ PPP Loan Information
Loan #5376787104

Loan Size:

$4.6M

Jobs Retained:

500

Loan Approved:

2020-04-13

Loan Status:

Paid in Full or Forgiven

Lender:

Bank of Southern California National Association

Field Fresh Foods Incorporated in Gardena, CA received a Paycheck Protection Loan of $4.6M through Bank of Southern California National Association, 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 August, 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.

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.

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, Field Fresh Foods Incorporated's 2019 payroll expenses are estimated to be at least $22.1M.

Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $44,203 per employee¹

Reported PPP Proceed Usage:

On the PPP application, Field Fresh Foods Incorporated reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $3,453,375
Utilities: $1,151,125

Because the loan received by Field Fresh Foods Incorporated 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 - Field Fresh Foods Incorporated in Gardena, CA

Field Fresh Foods Incorporated
14805 San Pedro St
Gardena, CA 90248

Business Industry:
Frozen Fruit, Juice, and Vegetable Manufacturing
NAICS code 311411

Business Owner Demographics

Race: White

Ethnicity: Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: N

Rural / Urban: Urban

Los Angeles County, CA — SBA Office 0914 — Congressional District: CA-43

Similar Companies near Gardena

In the Gardena area, 2 businesses in the "Frozen Fruit, Juice, and Vegetable Manufacturing" industry received a PPP loan. These local businesses reported an average of 261 employees (compared to this company's 500) and received an average PPP loan of $2,380,769 (compared to this company's $4.6M).

Similar Nearby Businesses Who Received PPP Funding:

FFF Farms Inc
Gardena, CA

$157,037 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 641 businesses in the "Frozen Fruit, Juice, and Vegetable Manufacturing" industry received a total of $123.01M 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 21 employees, 96% lower than Field Fresh Foods Incorporated's reported 500 employees, and received an average PPP loan of $191,897, 96% lower than this company's loan of $4.6M.

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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