PPP Loan Data — Freeborn & Peters LLP, Chicago, IL
Freeborn & Peters LLP is a limited liability partnership located at 311 South Wacker Dr. Suite #3000 in Chicago, Illinois that received a Coronavirus-related PPP loan from the SBA of $5,963,315.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Wheaton Bank & Trust Company, National Association
Freeborn & Peters LLP in Chicago, IL received a Paycheck Protection Loan of $5.96M through Wheaton Bank & Trust Company, 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 July, 2021.The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 239 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 286. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
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 More
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.Read More
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, Freeborn & Peters LLP's 2019 payroll expenses are estimated to be at least $28.62M (not accounting for salary amounts > $100k).
Because the 239 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Reported PPP Proceed Usage:
On the PPP application, Freeborn & Peters LLP reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $4,472,486
- Utilities: $596,332
- Rent: $894,497
Business Information - Freeborn & Peters LLP in Chicago, IL
311 South Wacker Dr. Suite #3000
Chicago, IL 60606
Offices of Lawyers
NAICS code 541110
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Chicago
In the Chicago area, 586 businesses in the "Offices of Lawyers" industry received a PPP loan. These local businesses reported an average of 16 employees (compared to this company's 239) and received an average PPP loan of $246,595 (compared to this company's $5.96M).
Similar Nearby Businesses Who Received PPP Funding:
Fred A. Truglio And Associates LLC
Dowd & Dowd LTD
Mcdonnell Boehnen Hulbert & Berghoff LLP
Tushnet Williams Legal Services LTD
Frederick N Aiossa
Allison, Slutsky & Kennedy, PC
Zeno Law Office PC
Ripes, Nelson, Baggot & Kalobratsos, PC
Mammas And Goldberg, LTD
Industry PPP Comparison Statistics
Nationwide, 200,499 businesses in the "Offices of Lawyers" industry received a total of $16.37B in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 2% of the total PPP funding allocated.
PPP recipients in this industry report an average of 6 employees, 97% lower than Freeborn & Peters LLP's reported 239 employees, and received an average PPP loan of $81,664, 99% lower than this company's loan of $5.96M.
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.
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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