PPP Loan Data — Just Like Home Senior Care, Chisago City, MN
Just Like Home Senior Care is a subchapter s corporation located at 29288 Old Towne Rd in Chisago City, Minnesota that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in May, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Lake Area Bank
Just Like Home Senior Care in Chisago City, MN received a Paycheck Protection Loan of $25,000 through Lake Area Bank, 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
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, Just Like Home Senior Care's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 7 jobs retained, this equals an estimated average yearly compensation of $17,143 per employee1
Reported PPP Proceed Usage:
On the PPP application, Just Like Home Senior Care reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $15,500
- Utilities: $2,000
- Mortgage Interest: $4,500
- Rent: $3,000
Business Information - Just Like Home Senior Care in Chisago City, MN
29288 Old Towne Rd
Chisago City, MN 55045
Other Residential Care Facilities
NAICS code 623990
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Chisago City
In the Chisago City area, 3 businesses in the "Other Residential Care Facilities" industry received a PPP loan. These local businesses reported an average of 31 employees (compared to this company's 7) and received an average PPP loan of $128,581 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Totalcare Assisted Living Services LLC
Forward Focused Living Inc
Industry PPP Comparison Statistics
Nationwide, 4,850 businesses in the "Other Residential Care Facilities" industry received a total of $891.17M 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 26 employees, 271% higher than Just Like Home Senior Care's reported 7 employees, and received an average PPP loan of $183,746, 635% higher than this company's loan of $25,000.
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Footnotes & Information
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