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PPP Loan Data — Fooda Inc,
Chicago, IL
Fooda Inc
Entity: Corporation
Industry: Food Service Contractors
Location: Chicago, IL
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Fooda Inc is a corporation located at 225 W Randolph St Ste 1700 in Chicago, Illinois that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in February, 2021.
$
PPP Loan Information
Loan #7403338405
Loan Size:
Jobs Retained:
96Loan Approved:
2021-02-11Loan Status:
Ongoing LoanLender:
Western Alliance BankFooda Inc in Chicago, IL received a Paycheck Protection Loan of $2M through Western Alliance Bank, which was approved in February, 2021.
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.
Read MoreUnderstanding 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.
Read MoreBased 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, Fooda Inc's 2019 payroll expenses are estimated to be at least $9.6M (not accounting for salary amounts > $100k).
Based on their reported 96 jobs retained, this equals an estimated average yearly compensation of $100,000 (not accounting for salary amounts > $100k) per employee1
Reported PPP Proceed Usage:
On the PPP application, Fooda Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,998
- Utilities: $1
Business Information - Fooda Inc in Chicago, IL
225 W Randolph St Ste 1700
Chicago, IL 60606
Business Industry:
Food Service Contractors
NAICS code 722310
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: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near Chicago
In the Chicago area, 21 businesses in the "Food Service Contractors" industry received a PPP loan. These local businesses reported an average of 43 employees (compared to this company's 96) and received an average PPP loan of $437,800 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Tiffany Monique Williams
Chicago, IL
Akeema Williams
Chicago, IL
Bachelor Bunny Gourmet LLC
Chicago, IL
Kuma's Holdings LLC
Chicago, IL
Cheshi Poston
Chicago, IL
Stefani Management Services Inc
Chicago, IL
Lamont Smith
Chicago, IL
Dijana Smith
Chicago, IL
Pastorelli Food Products, Inc
Chicago, IL
Industry PPP Comparison Statistics
Nationwide, 35,883 businesses in the "Food Service Contractors" industry received a total of $1.95B 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 7 employees, 93% lower than Fooda Inc's reported 96 employees, and received an average PPP loan of $54,432, 97% lower than this company's loan of $2M.
Fooda, Inc
Entity: Corporation
Industry: Mobile Food Services
Location: Chicago, IL
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Fooda, Inc is a corporation located at 255 W Randolph St Ste 1700 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 #8412317007
Loan Size:
Jobs Retained:
455Loan Approved:
2020-04-08Loan Status:
Paid in Full or ForgivenLender:
Western Alliance BankFooda, Inc in Chicago, IL received a Paycheck Protection Loan of $5.7M through Western Alliance Bank, 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 July, 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.
Read MoreUnderstanding 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.
Read MoreBased 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, Fooda, Inc's 2019 payroll expenses are estimated to be at least $27.34M.
Based on their reported 455 jobs retained, this equals an estimated average yearly compensation of $60,087 per employee1
Reported PPP Proceed Usage:
On the PPP application, Fooda, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $5,135,700
- Rent: $240,000
- Debt Interest: $320,000
Business Information - Fooda, Inc in Chicago, IL
255 W Randolph St Ste 1700
Chicago, IL 60606
Business Industry:
Mobile Food Services
NAICS code 722330
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: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near Chicago
In the Chicago area, 4 businesses in the "Mobile Food Services" industry received a PPP loan. These local businesses reported an average of 115 employees (compared to this company's 455) and received an average PPP loan of $1,441,633 (compared to this company's $5.7M).
Similar Nearby Businesses Who Received PPP Funding:
Dantreon Steele
Chicago, IL
Jereme Stewart
Chicago, IL
Industry PPP Comparison Statistics
Nationwide, 34,178 businesses in the "Mobile Food Services" industry received a total of $686.02M 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 2 employees, 100% lower than Fooda, Inc's reported 455 employees, and received an average PPP loan of $20,072, 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. 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.
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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