PPP Loan Data — Foremost Liquors, Chicago, IL
Foremost Liquors is a subchapter s corporation located at 3210 N Cicero Ave in Chicago, Illinois that received a Coronavirus-related PPP loan from the SBA of $45,758.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least twelve people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:American Express National Bank
Foremost Liquors in Chicago, IL received a Paycheck Protection Loan of $45,758 through American Express National 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 April, 2021.
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, Foremost Liquors' 2019 payroll expenses are estimated to be at least $219,638.
Based on their reported 12 jobs retained, this equals an estimated average yearly compensation of $18,303 per employee1
Reported PPP Proceed Usage:
On the PPP application, Foremost Liquors reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $22,879
- Utilities: $4,576
- Mortgage Interest: $11,439
- Rent: $6,864
Business Information - Foremost Liquors in Chicago, IL
3210 N Cicero Ave
Chicago, IL 60641
Beer, Wine, and Liquor Stores
NAICS code 445310
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Chicago
In the Chicago area, 11 businesses in the "Beer, Wine, and Liquor Stores" industry received a PPP loan. These local businesses reported an average of 4 employees (compared to this company's 12) and received an average PPP loan of $21,861 (compared to this company's $45,758).
Similar Nearby Businesses Who Received PPP Funding:
Markat Enterprises, Inc
Buenos Aires Inc
Lakeside Wine & Spirits Inc
Parney Food And Liquors Inc
Keystone Wine & Spirits LLC DBA Cocktail Courier
Bel-Park Liquors Inc
Parnay Food & Liquor, Inc
Broken Lantern Organic Beer Company LLC
Industry PPP Comparison Statistics
Nationwide, 19,110 businesses in the "Beer, Wine, and Liquor Stores" industry received a total of $604.2M 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 6 employees, 50% lower than Foremost Liquors' reported 12 employees, and received an average PPP loan of $31,617, 31% lower than this company's loan of $45,758.
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Footnotes & Information
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