PPP Loan Data — Horwood Marcus & Berk Chartered, Chicago, IL
Horwood Marcus & Berk Chartered is a corporation located at 500 W. Madison St Suite 3700 in Chicago, Illinois that received a Coronavirus-related PPP loan from the SBA of $2,064,700.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:CIBC Bank USA
Horwood Marcus & Berk Chartered in Chicago, IL received a Paycheck Protection Loan of $2.06M through CIBC Bank USA, which was approved in April, 2020.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.
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, Horwood Marcus & Berk Chartered's 2019 payroll expenses are estimated to be at least $9.91M.
Based on their reported 108 jobs retained, this equals an estimated average yearly compensation of $91,764 per employee1
Reported PPP Proceed Usage:
On the PPP application, Horwood Marcus & Berk Chartered reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,064,700
Business Information - Horwood Marcus & Berk Chartered in Chicago, IL
500 W. Madison St Suite 3700
Chicago, IL 60661
Offices of Lawyers
NAICS code 541110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Chicago
In the Chicago area, 81 businesses in the "Offices of Lawyers" industry received a PPP loan. These local businesses reported an average of 9 employees (compared to this company's 108) and received an average PPP loan of $163,736 (compared to this company's $2.06M).
Similar Nearby Businesses Who Received PPP Funding:
Whiteman Borden, LLC
Carlson Dash LLC
Mcnamara Law Offices, PC
Sherwood Law Group LLC
Andreou And Casson LTD
Law Offices Of Elizabeth A. Granoff
Michael D. Mannis LTD
Industry PPP Comparison Statistics
Nationwide, 200,895 businesses in the "Offices of Lawyers" industry received a total of $16.38B in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 2% of the total PPP funding allocated.
PPP recipients in this industry report an average of 6 employees, 94% lower than Horwood Marcus & Berk Chartered's reported 108 employees, and received an average PPP loan of $81,518, 96% lower than this company's loan of $2.06M.
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Footnotes & Information
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