PPP Loan Data — Forma Architecture, LTD, Chicago, IL
Forma Architecture, LTD is a corporation located at 155 N. Michigan Ave Suite 208 in Chicago, Illinois that received a Coronavirus-related PPP loan from the SBA of $24,951.00 in June, 2020.
The company has reported itself as a male owned business, and employed at least four people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:International Bank of Chicago
Forma Architecture, LTD in Chicago, IL received a Paycheck Protection Loan of $24,951 through International Bank of Chicago, which was approved in June, 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 February, 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, Forma Architecture, LTD's 2019 payroll expenses are estimated to be at least $119,765.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $29,941 per employee1
Reported PPP Proceed Usage:
On the PPP application, Forma Architecture, LTD reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,951
Business Information - Forma Architecture, LTD in Chicago, IL
155 N. Michigan Ave Suite 208
Chicago, IL 60601
Other Specialized Design Services
NAICS code 541490
Business Owner Demographics
Ethnicity: Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Chicago
In the Chicago area, 5 businesses in the "Other Specialized Design Services" industry received a PPP loan. These local businesses reported an average of 3 employees (compared to this company's 4) and received an average PPP loan of $33,120 (compared to this company's $24,951).
Similar Nearby Businesses Who Received PPP Funding:
TAG Hospitality LLC
EV Creations Inc
Lausen Design Inc
Industry PPP Comparison Statistics
Nationwide, 15,734 businesses in the "Other Specialized Design Services" industry received a total of $603.75M 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 3 employees, 25% lower than Forma Architecture, LTD's reported 4 employees, and received an average PPP loan of $38,372, 54% higher than this company's loan of $24,951.
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Footnotes & Information
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