PPP Loan Data — Jackson Park Hospital Foundation, Chicago, IL

IL Nonprofit Organization

Jackson Park Hospital Foundation

Entity: Non-profit Organization

Industry: General Medical and Surgical Hospitals

Location: Chicago, IL

Jackson Park Hospital Foundation is a non-profit organization located at 7531 S Stony Island Ave in Chicago, Illinois that received a Coronavirus-related PPP loan from the SBA of $8,107,667.00 in May, 2020.

$ PPP Loan Information
Loan #6200847709

Loan Size:

$8.11M

Jobs Retained:

481

Loan Approved:

2020-05-01

Loan Status:

Ongoing Loan

Lender:

Bank of America, National Association

Jackson Park Hospital Foundation in Chicago, IL received a Paycheck Protection Loan of $8.11M through Bank of America, National Association, which was approved in May, 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

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.

Understanding 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.

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, Jackson Park Hospital Foundation's 2019 payroll expenses are estimated to be at least $38.92M.

Based on their reported 481 jobs retained, this equals an estimated average yearly compensation of $80,908 per employee¹

Reported PPP Proceed Usage:

On the PPP application, Jackson Park Hospital Foundation reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $8,107,667

Because the loan received by Jackson Park Hospital Foundation is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Jackson Park Hospital Foundation in Chicago, IL

Jackson Park Hospital Foundation
7531 S Stony Island Ave
Chicago, IL 60649

Business Industry:
General Medical and Surgical Hospitals
NAICS code 622110

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: New Business or 2 years or less

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

Cook County, IL — SBA Office 0507 — Congressional District: IL-02

Businesses Using Same Address:

There is one other business that received a PPP loan registered to the same address as Jackson Park Hospital Foundation.

Integrated Medical Center
All Other Outpatient Care Centers

$27,500 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 9,169 businesses in the "General Medical and Surgical Hospitals" industry received a total of $3.57B 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 36 employees, 93% lower than Jackson Park Hospital Foundation's reported 481 employees, and received an average PPP loan of $389,245, 95% lower than this company's loan of $8.11M.

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.

Search FederalPay's Full PPP Loan Database

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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