PPP Loan Data — Gleaners Community Food Bank Of Southeastern Michigan Inc, Detroit, MI
Gleaners Community Food Bank Of Southeastern Michigan Inc is a non-profit organization located at 2131 Beaufait in Detroit, Michigan that received a Coronavirus-related PPP loan from the SBA of $1,562,100.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:The Huntington National Bank
Gleaners Community Food Bank Of Southeastern Michigan Inc in Detroit, MI received a Paycheck Protection Loan of $1.56M 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 March, 2021.
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, Gleaners Community Food Bank Of Southeastern Michigan Inc's 2019 payroll expenses are estimated to be at least $7.5M.
Based on their reported 110 jobs retained, this equals an estimated average yearly compensation of $68,164 per employee1
Reported PPP Proceed Usage:
On the PPP application, Gleaners Community Food Bank Of Southeastern Michigan Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,562,100
Business Information - Gleaners Community Food Bank Of Southeastern Michigan Inc in Detroit, MI
Detroit, MI 48207
Community Food Services
NAICS code 624210
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Detroit
In the Detroit area, 3 businesses in the "Community Food Services" industry received a PPP loan. These local businesses reported an average of 63 employees (compared to this company's 110) and received an average PPP loan of $607,402 (compared to this company's $1.56M).
Similar Nearby Businesses Who Received PPP Funding:
Rocket Fuel Nutrition LLC
ST. Leo's Soup Kitchen
Industry PPP Comparison Statistics
Nationwide, 5,420 businesses in the "Community Food Services" industry received a total of $306.39M 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 7 employees, 94% lower than Gleaners Community Food Bank Of Southeastern Michigan Inc's reported 110 employees, and received an average PPP loan of $56,529, 96% lower than this company's loan of $1.56M.
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Footnotes & Information
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