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PPP Loan Data — Korona's Karing Hands LLC, Grand Rapids, MI

SBA PPP loan data, payroll data, and salaries for Korona's Karing Hands LLC
MI

Korona's Karing Hands LLC

Entity: Limited Liability Company (LLC)

Industry: Continuing Care Retirement Communities

Location: Grand Rapids, MI

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Korona's Karing Hands LLC is a limited liability company (LLC) located at 2501 Thornapple River Dr Se in Grand Rapids, Michigan that received a Coronavirus-related PPP loan from the SBA of $29,000.00 in April, 2020.

$ PPP Loan Information
Loan #3318757109

Loan Size:

$29,000

Jobs Retained:

6

Loan Approved:

2020-04-11

Loan Status:

Paid in Full or Forgiven

Lender:

Old National Bank

Korona's Karing Hands LLC in Grand Rapids, MI received a Paycheck Protection Loan of $29,000 through Old National 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 January, 2021.

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.

Read More
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.

Read More

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, Korona's Karing Hands LLC's 2019 payroll expenses are estimated to be at least $139,200.

Based on their reported 6 jobs retained, this equals an estimated average yearly compensation of $23,200 per employee1

Reported PPP Proceed Usage:

On the PPP application, Korona's Karing Hands LLC reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $29,000

Business Information - Korona's Karing Hands LLC in Grand Rapids, MI

Korona's Karing Hands LLC
2501 Thornapple River Dr Se
Grand Rapids, MI 49546

Business Industry:
Continuing Care Retirement Communities
NAICS code 623311

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Kent County, MI — SBA Office 0515 — Congressional District: MI-03

Similar Companies near Grand Rapids

In the Grand Rapids area, 6 businesses in the "Continuing Care Retirement Communities" industry received a PPP loan. These local businesses reported an average of 148 employees (compared to this company's 6) and received an average PPP loan of $1,383,804 (compared to this company's $29,000).

Industry PPP Comparison Statistics

Nationwide, 2,546 businesses in the "Continuing Care Retirement Communities" industry received a total of $1.38B 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 77 employees, 1183% higher than Korona's Karing Hands LLC's reported 6 employees, and received an average PPP loan of $541,096, 1766% higher than this company's loan of $29,000.

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.

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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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Source: www.federalpay.org/paycheck-protection-program/koronas-karing-hands-llc-grand-rapids-mi