PPP Loan Data — Itoo Society Banquet, Inc, Peoria, IL
Itoo Society Banquet, Inc is a subchapter s corporation located at 4909 W Farmington Rd in Peoria, Illinois that received a Coronavirus-related PPP loan from the SBA of $25,400.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Itoo Society Banquet, Inc in Peoria, IL received a Paycheck Protection Loan of $25,400 through Busey Bank, which was approved in May, 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, Itoo Society Banquet, Inc's 2019 payroll expenses are estimated to be at least $121,920.
Based on their reported 12 jobs retained, this equals an estimated average yearly compensation of $10,160 per employee1
Reported PPP Proceed Usage:
On the PPP application, Itoo Society Banquet, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $19,050
- Rent: $6,350
Business Information - Itoo Society Banquet, Inc in Peoria, IL
4909 W Farmington Rd
Peoria, IL 61604
NAICS code 722320
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Peoria
In the Peoria area, 31 businesses in the "Caterers" industry received a PPP loan. These local businesses reported an average of 2 employees (compared to this company's 12) and received an average PPP loan of $21,142 (compared to this company's $25,400).
Similar Nearby Businesses Who Received PPP Funding:
West Peoria, IL
Sanders Catering Service, Inc
Industry PPP Comparison Statistics
Nationwide, 85,824 businesses in the "Caterers" industry received a total of $2.99B 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 4 employees, 67% lower than Itoo Society Banquet, Inc's reported 12 employees, and received an average PPP loan of $34,853, 37% higher than this company's loan of $25,400.
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Footnotes & Information
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