PPP Loan Data — Ishpeming Lodge, Inc, Ishpeming, MI
Ishpeming Lodge, Inc is a corporation located at 850 Us 41 in Ishpeming, Michigan that received a Coronavirus-related PPP loan from the SBA of $46,800.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least twelve people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Ishpeming Lodge, Inc in Ishpeming, MI received a Paycheck Protection Loan of $46,800 through IncredibleBank, 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 February, 2021.
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, Ishpeming Lodge, Inc's 2019 payroll expenses are estimated to be at least $224,640.
Based on their reported 12 jobs retained, this equals an estimated average yearly compensation of $18,720 per employee1
Reported PPP Proceed Usage:
On the PPP application, Ishpeming Lodge, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,800
Business Information - Ishpeming Lodge, Inc in Ishpeming, MI
850 Us 41
Ishpeming, MI 49849
Hotels (except Casino Hotels) and Motels
NAICS code 721110
Business Owner Demographics
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Ishpeming
In the Ishpeming area, 2 businesses in the "Hotels (except Casino Hotels) and Motels" industry received a PPP loan. These local businesses reported an average of 15 employees (compared to this company's 12) and received an average PPP loan of $41,112 (compared to this company's $46,800).
Similar Nearby Businesses Who Received PPP Funding:
The Niemi Group Inc
Industry PPP Comparison Statistics
Nationwide, 82,605 businesses in the "Hotels (except Casino Hotels) and Motels" industry received a total of $13.95B 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 23 employees, 92% higher than Ishpeming Lodge, Inc's reported 12 employees, and received an average PPP loan of $168,829, 261% higher than this company's loan of $46,800.
FederalPay's PPP Information Policy
Footnotes & Information
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