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PPP Loan Data — Hoffman Transportation Inc,
Channahon, IL
Hoffman Transportation Inc
Entity: Corporation
Industry: Professional Employer Organizations
Location: Channahon, IL
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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:
Jobs Retained:
226Loan Approved:
2021-01-29Loan Status:
Paid in Full or ForgivenLender:
Wheaton Bank & Trust Company, National AssociationHoffman 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 MoreUnderstanding 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 MoreBased 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
Business Information - Hoffman Transportation Inc in Channahon, IL
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
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.
Hoffman Transportation, Inc
Entity: Corporation
Industry: Short Line Railroads
Location: Channahon, IL
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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:
Jobs Retained:
224Loan Approved:
2020-04-07Loan Status:
Paid in Full or ForgivenLender:
Wintrust Bank, National AssociationHoffman 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 MoreUnderstanding 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 MoreBased 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
Business Information - Hoffman Transportation, Inc in Channahon, IL
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
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
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.
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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