PPP Loan Data — Koleaseco, Inc, Hudsonville, MI
Entity: Subchapter S Corporation
Location: Hudsonville, MITweet This • Search All PPP Data
Koleaseco, Inc is a subchapter s corporation located at 4265 Corporate Exchange Dr in Hudsonville, Michigan that received a Coronavirus-related PPP loan from the SBA of $1,777,100.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Koleaseco, Inc in Hudsonville, MI received a Paycheck Protection Loan of $1.78M through Independent 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 March, 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, Koleaseco, Inc's 2019 payroll expenses are estimated to be at least $8.53M.
Based on their reported 148 jobs retained, this equals an estimated average yearly compensation of $57,636 per employee1
Reported PPP Proceed Usage:
On the PPP application, Koleaseco, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,777,100
Business Information - Koleaseco, Inc in Hudsonville, MI
4265 Corporate Exchange Dr
Hudsonville, MI 49426
All Other Transit and Ground Passenger Transportation
NAICS code 485999
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 34,986 businesses in the "All Other Transit and Ground Passenger Transportation" industry received a total of $815.61M 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 3 employees, 98% lower than Koleaseco, Inc's reported 148 employees, and received an average PPP loan of $23,312, 99% lower than this company's loan of $1.78M.
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Footnotes & Information
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