PPP Loan Data — Freedman Seating Company, Chicago, IL
Freedman Seating Company is a corporation located at 4545 W Augusta Blvd in Chicago, Illinois that received a Coronavirus-related PPP loan from the SBA of $8,800,000.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least 250 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:The Huntington National Bank
Freedman Seating Company in Chicago, IL received a Paycheck Protection Loan of $8.8M through The Huntington 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 August, 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 250 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 422. 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, Freedman Seating Company's 2019 payroll expenses are estimated to be at least $42.24M (not accounting for salary amounts > $100k).
Because the 250 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, Freedman Seating Company reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $8,800,000
Business Information - Freedman Seating Company in Chicago, IL
4545 W Augusta Blvd
Chicago, IL 60651
Automotive Parts and Accessories Stores
NAICS code 441310
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
Businesses Using Same Address:
There is one other business that received a PPP loan registered to the same address as Freedman Seating Company.
Institutional Furniture Manufacturing
Similar Companies near Chicago
In the Chicago area, 9 businesses in the "Automotive Parts and Accessories Stores" industry received a PPP loan. These local businesses reported an average of 30 employees (compared to this company's 250) and received an average PPP loan of $999,291 (compared to this company's $8.8M).
Similar Nearby Businesses Who Received PPP Funding:
Grand Auto Glass Inc
Freddy's Auto Recycling Inc
AA Mia Custom Inc
Fair Undercar Care Inc
Industry PPP Comparison Statistics
Nationwide, 17,766 businesses in the "Automotive Parts and Accessories Stores" industry received a total of $1.19B 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 8 employees, 97% lower than Freedman Seating Company's reported 250 employees, and received an average PPP loan of $66,985, 99% lower than this company's loan of $8.8M.
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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