PPP Loan Data — Lawrence Foods, Inc, Elk Grove Village, IL
Lawrence Foods, Inc is a subchapter s corporation located at 2200 Lunt in Elk Grove Village, Illinois that received a Coronavirus-related PPP loan from the SBA of $1,575,000.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:BMO Harris Bank National Association
Lawrence Foods, Inc in Elk Grove Village, IL received a Paycheck Protection Loan of $1.58M through BMO Harris Bank National Association, 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
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, Lawrence Foods, Inc's 2019 payroll expenses are estimated to be at least $7.56M.
Based on their reported 119 jobs retained, this equals an estimated average yearly compensation of $63,529 per employee1
Reported PPP Proceed Usage:
On the PPP application, Lawrence Foods, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,575,000
Business Information - Lawrence Foods, Inc in Elk Grove Village, IL
Elk Grove Village, IL 60007
All Other Miscellaneous Food Manufacturing
NAICS code 311999
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Elk Grove Village
In the Elk Grove Village area, 4 businesses in the "All Other Miscellaneous Food Manufacturing" industry received a PPP loan. These local businesses reported an average of 39 employees (compared to this company's 119) and received an average PPP loan of $460,988 (compared to this company's $1.58M).
Similar Nearby Businesses Who Received PPP Funding:
Mothers' Milk Bank Western Great Lakes
Elk Grove Vlg, IL
Janaki Foods, Inc
Elk Grove Village, IL
Rolling Meadows, IL
Industry PPP Comparison Statistics
Nationwide, 4,790 businesses in the "All Other Miscellaneous Food Manufacturing" industry received a total of $554.13M 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 13 employees, 89% lower than Lawrence Foods, Inc's reported 119 employees, and received an average PPP loan of $115,685, 93% lower than this company's loan of $1.58M.
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Footnotes & Information
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