Fooda, Inc. in Chicago, IL - SBA PPP Loan Data (Paycheck Protection Program)

PPP Loan Data — Fooda, Inc., Chicago, IL

Fooda, Inc.

Entity: Corporation

Industry: Mobile Food Services

Location: Chicago, IL

Fooda, Inc. is a corporation located at 255 W Randolph St in Chicago, Illinois that received a Coronavirus-related PPP loan from the SBA of $5,695,700.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$5.7M

Jobs Retained:

300

Loan Approved:

2020-04-08

Lender:

WESTERN ALLIANCE BANK

Fooda, Inc. received a Paycheck Protection Loan of $5.7M through WESTERN ALLIANCE BANK, which was approved in April, 2020.

Based on standard PPP eligibility rules, Fooda, Inc.'s total 2019 payroll expenses were approximately $27.34M in order to qualify for the PPP loan amount received.

Based on their reported 300 jobs retained, this equals an estimated average yearly compensation of $91,131 per employee¹.

Because the loan received by Fooda, 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 - Fooda, Inc. in Chicago, IL

Fooda, Inc.
255 W Randolph St
Chicago, IL 60606

Business Industry

Mobile Food Services (NAICS code 722330)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: IL-07

Industry PPP Comparison Statistics

Nationwide, 4,341 businesses in the "Mobile Food Services" industry received a total of $119,221,854.00 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 5 employees, 98% lower than Fooda, Inc.'s reported 300 employees, and received an average PPP loan of $27,464, 100% lower than this company's loan of $5.7M.

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.

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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