PPP Loan Data — Heartland Produce Company, Kenosha, WI
Heartland Produce Company is a subchapter s corporation located at 4550 70th Ave 0.0 in Kenosha, Wisconsin that received a Coronavirus-related PPP loan from the SBA of $2,024,707.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:JPMorgan Chase Bank, National Association
Heartland Produce Company in Kenosha, WI received a Paycheck Protection Loan of $2.02M through JPMorgan Chase Bank, National Association, which was approved in April, 2020.
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, Heartland Produce Company's 2019 payroll expenses are estimated to be at least $9.72M.
Based on their reported 176 jobs retained, this equals an estimated average yearly compensation of $55,219 per employee1
Reported PPP Proceed Usage:
On the PPP application, Heartland Produce Company reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,600,000
- Health Care: $424,707
Business Information - Heartland Produce Company in Kenosha, WI
4550 70th Ave 0.0
Kenosha, WI 53144
Fresh Fruit and Vegetable Merchant Wholesalers
NAICS code 424480
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 4,225 businesses in the "Fresh Fruit and Vegetable Merchant Wholesalers" industry received a total of $800.94M 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 19 employees, 89% lower than Heartland Produce Company's reported 176 employees, and received an average PPP loan of $189,572, 91% lower than this company's loan of $2.02M.
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Footnotes & Information
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