PPP Loan Data — Keegstra's Department Store, Inc, Hudsonville, MI
Keegstra's Department Store, Inc is a subchapter s corporation located at 3499 Kelly St in Hudsonville, Michigan that received a Coronavirus-related PPP loan from the SBA of $46,900.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:West Michigan Community Bank
Keegstra's Department Store, Inc in Hudsonville, MI received a Paycheck Protection Loan of $46,900 through West Michigan Community Bank, 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, Keegstra's Department Store, Inc's 2019 payroll expenses are estimated to be at least $225,120.
Based on their reported 16 jobs retained, this equals an estimated average yearly compensation of $14,070 per employee1
Reported PPP Proceed Usage:
On the PPP application, Keegstra's Department Store, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,900
Business Information - Keegstra's Department Store, Inc in Hudsonville, MI
3499 Kelly St
Hudsonville, MI 49426
All Other General Merchandise Stores
NAICS code 452319
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Hudsonville
In the Hudsonville area, 3 businesses in the "All Other General Merchandise Stores" industry received a PPP loan. These local businesses reported an average of 8 employees (compared to this company's 16) and received an average PPP loan of $26,720 (compared to this company's $46,900).
Similar Nearby Businesses Who Received PPP Funding:
Destinies Hope, L3C
Industry PPP Comparison Statistics
Nationwide, 11,020 businesses in the "All Other General Merchandise Stores" industry received a total of $376.19M 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 5 employees, 69% lower than Keegstra's Department Store, Inc's reported 16 employees, and received an average PPP loan of $34,137, 27% lower than this company's loan of $46,900.
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Footnotes & Information
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