PPP Loan Data — Fritz And Fritz Inc, Galena, IL
Fritz And Fritz Inc is a corporation located at 317 Main St N in Galena, Illinois that received a Coronavirus-related PPP loan from the SBA of $46,855.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:U.S. Bank, National Association
Fritz And Fritz Inc in Galena, IL received a Paycheck Protection Loan of $46,855 through U.S. Bank, National Association, which was approved in May, 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 March, 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, Fritz And Fritz Inc's 2019 payroll expenses are estimated to be at least $224,904.
Based on their reported 14 jobs retained, this equals an estimated average yearly compensation of $16,065 per employee1
Reported PPP Proceed Usage:
On the PPP application, Fritz And Fritz Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,855
Business Information - Fritz And Fritz Inc in Galena, IL
317 Main St N
Galena, IL 61036
NAICS code 722511
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Galena
In the Galena area, 30 businesses in the "Full-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 15 employees (compared to this company's 14) and received an average PPP loan of $81,601 (compared to this company's $46,855).
Similar Nearby Businesses Who Received PPP Funding:
BN Zags LLC
Ayalas Restaurant International Food & Drink Inc
Big Bill's Company
Campeche Restaurant Inc
Cannovas Galena IL LLC
Log Cabin Restaurant And Lounge
Dillon's Hm Inc
Industry PPP Comparison Statistics
Nationwide, 328,914 businesses in the "Full-Service Restaurants" industry received a total of $42.6B in PPP loans. These businesses account for 3% of total PPP applications submitted, and received 5% of the total PPP funding allocated.
PPP recipients in this industry report an average of 22 employees, 57% higher than Fritz And Fritz Inc's reported 14 employees, and received an average PPP loan of $129,504, 176% higher than this company's loan of $46,855.
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Footnotes & Information
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