PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA (Updated April 5, 2023)

PPP Loan Data — Hoffman Transportation Inc, Channahon, IL

ALERT: There are 2 PPP loans for a total of $5.71M in our database for businesses with the name "Hoffman Transportation Inc" in Channahon, IL. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Hoffman Transportation Inc
IL

Hoffman Transportation Inc

Entity: Corporation

Industry: Professional Employer Organizations

Location: Channahon, IL

Search All PPP Data

Hoffman Transportation Inc is a corporation located at 26062 S Frontage Rd in Channahon, Illinois that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in January, 2021.

$ PPP Loan Information
Loan #8695898306

Loan Size:

$2M

Jobs Retained:

226

Loan Approved:

2021-01-29

Loan Status:

Paid in Full or Forgiven

Lender:

Wheaton Bank & Trust Company, National Association

Hoffman Transportation Inc in Channahon, IL received a Paycheck Protection Loan of $2M through Wheaton Bank & Trust Company, National Association, which was approved in January, 2021.

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.

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, Hoffman Transportation Inc's 2019 payroll expenses are estimated to be at least $9.6M.

Based on their reported 226 jobs retained, this equals an estimated average yearly compensation of $42,478 per employee1

Reported PPP Proceed Usage:

On the PPP application, Hoffman Transportation Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $2,000,000
Because the loan received by Hoffman Transportation Inc is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Hoffman Transportation Inc in Channahon, IL

Hoffman Transportation Inc
26062 S Frontage Rd
Channahon, IL 60410

Business Industry:
Professional Employer Organizations
NAICS code 561330

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Will County, IL — SBA Office 0507 — Congressional District: IL-01

Industry PPP Comparison Statistics

Nationwide, 2,893 businesses in the "Professional Employer Organizations" industry received a total of $731.9M 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 27 employees, 88% lower than Hoffman Transportation Inc's reported 226 employees, and received an average PPP loan of $252,989, 87% lower than this company's loan of $2M.

SBA PPP loan data, payroll data, and salaries for Hoffman Transportation, Inc
IL

Hoffman Transportation, Inc

Entity: Corporation

Industry: Short Line Railroads

Location: Channahon, IL

Search All PPP Data

Hoffman Transportation, Inc is a corporation located at 26062 Sw Frontage Road Po Box 810 in Channahon, Illinois that received a Coronavirus-related PPP loan from the SBA of $3,709,000.00 in April, 2020.

$ PPP Loan Information
Loan #6457597004

Loan Size:

$3.71M

Jobs Retained:

224

Loan Approved:

2020-04-07

Loan Status:

Paid in Full or Forgiven

Lender:

Wintrust Bank, National Association

Hoffman Transportation, Inc in Channahon, IL received a Paycheck Protection Loan of $3.71M through Wintrust Bank, 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.

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, Hoffman Transportation, Inc's 2019 payroll expenses are estimated to be at least $17.8M.

Based on their reported 224 jobs retained, this equals an estimated average yearly compensation of $79,479 per employee1

Reported PPP Proceed Usage:

On the PPP application, Hoffman Transportation, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $3,709,000
Because the loan received by Hoffman Transportation, Inc is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Hoffman Transportation, Inc in Channahon, IL

Hoffman Transportation, Inc
26062 Sw Frontage Road Po Box 810
Channahon, IL 60410

Business Industry:
Short Line Railroads
NAICS code 482112

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Will County, IL — SBA Office 0507 — Congressional District: IL-01

Similar Companies near Channahon

In the Channahon area, 2 businesses in the "Short Line Railroads" industry received a PPP loan. These local businesses reported an average of 113 employees (compared to this company's 224) and received an average PPP loan of $1,864,154 (compared to this company's $3.71M).

Similar Nearby Businesses Who Received PPP Funding:

Chicago Rail & Port LLC
Chicago Heights, IL

$19,308 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 230 businesses in the "Short Line Railroads" industry received a total of $56.34M 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 18 employees, 92% lower than Hoffman Transportation, Inc's reported 224 employees, and received an average PPP loan of $244,964, 93% lower than this company's loan of $3.71M.

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.

Search FederalPay's Full PPP Loan Database

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.


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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/hoffman-transportation-inc-channahon-il