PPP Loan Data — Institute For Latino Progress, Chicago, IL
Institute For Latino Progress is a non-profit organization located at 2520 S. Western Ave in Chicago, Illinois that received a Coronavirus-related PPP loan from the SBA of $2,195,200.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:BMO Harris Bank National Association
Institute For Latino Progress in Chicago, IL received a Paycheck Protection Loan of $2.2M through BMO Harris Bank National Association, 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, Institute For Latino Progress' 2019 payroll expenses are estimated to be at least $10.54M.
Based on their reported 191 jobs retained, this equals an estimated average yearly compensation of $55,167 per employee1
Reported PPP Proceed Usage:
On the PPP application, Institute For Latino Progress reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,195,200
Business Information - Institute For Latino Progress in Chicago, IL
2520 S. Western Ave
Chicago, IL 60608
Educational Support Services
NAICS code 611710
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Chicago
In the Chicago area, 35 businesses in the "Educational Support Services" industry received a PPP loan. These local businesses reported an average of 15 employees (compared to this company's 191) and received an average PPP loan of $227,048 (compared to this company's $2.2M).
Similar Nearby Businesses Who Received PPP Funding:
Collaborative For Academic Social And Emotional Learning (CA
Umoja Student Development Corporation
True Children Learn
Rapunzl Investments LLC
Industry PPP Comparison Statistics
Nationwide, 39,474 businesses in the "Educational Support Services" industry received a total of $2.35B 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, 96% lower than Institute For Latino Progress' reported 191 employees, and received an average PPP loan of $59,417, 97% lower than this company's loan of $2.2M.
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Footnotes & Information
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