PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Mclachlan Rissman & Doll, Chicago, IL

ALERT: There are 2 PPP loans for a total of $128,935 in our database for businesses with the name "Mclachlan Rissman & Doll" in Chicago, IL. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Mclachlan Rissman & Doll
IL

Mclachlan Rissman & Doll

Entity: Partnership

Industry: Offices of Lawyers

Location: Chicago, IL

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Mclachlan Rissman & Doll is a partnership located at 676 N Michigan Ave Ste 2800 in Chicago, Illinois that received a Coronavirus-related PPP loan from the SBA of $66,797.00 in March, 2021.

The company has reported itself as a White male owned business, and employed at least three people during the applicable loan loan period.

$ PPP Loan Information
Loan #6909948501

Loan Size:

$66,797

Jobs Retained:

3

Loan Approved:

2021-03-04

Loan Status:

Ongoing Loan

Lender:

JPMorgan Chase Bank, National Association
Likely Employment Reduction3

Mclachlan Rissman & Doll in Chicago, IL received a Paycheck Protection Loan of $66,797 through JPMorgan Chase Bank, National Association, which was approved in March, 2021.

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.

The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 3 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.

The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 3. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.

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, Mclachlan Rissman & Doll's 2019 payroll expenses are estimated to be at least $320,626 (not accounting for salary amounts > $100k).

Because the 3 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.

Reported PPP Proceed Usage:

On the PPP application, Mclachlan Rissman & Doll reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $66,796

Business Information - Mclachlan Rissman & Doll in Chicago, IL

Mclachlan Rissman & Doll
676 N Michigan Ave Ste 2800
Chicago, IL 60611

Business Industry:
Offices of Lawyers
NAICS code 541110

Business Owner Demographics

Race: White

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Cook County, IL — SBA Office 0507 — Congressional District: IL-07

Similar Companies near Chicago

In the Chicago area, 101 businesses in the "Offices of Lawyers" industry received a PPP loan. These local businesses reported an average of 12 employees (compared to this company's 3) and received an average PPP loan of $225,851 (compared to this company's $66,797).

Industry PPP Comparison Statistics

Nationwide, 200,895 businesses in the "Offices of Lawyers" industry received a total of $16.38B in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 2% of the total PPP funding allocated.

PPP recipients in this industry report an average of 6 employees, 100% higher than Mclachlan Rissman & Doll's reported 3 employees, and received an average PPP loan of $81,518, 22% higher than this company's loan of $66,797.

SBA PPP loan data, payroll data, and salaries for Mclachlan, Rissman & Doll
IL

Mclachlan, Rissman & Doll

Entity: Partnership

Industry: Offices of Lawyers

Location: Chicago, IL

Search All PPP Data

Mclachlan, Rissman & Doll is a partnership located at 676 N Michigan Avenue, Suite 2800 0.0 in Chicago, Illinois that received a Coronavirus-related PPP loan from the SBA of $62,138.00 in April, 2020.

$ PPP Loan Information
Loan #1687027109

Loan Size:

$62,138

Jobs Retained:

3

Loan Approved:

2020-04-10

Loan Status:

Paid in Full or Forgiven

Lender:

JPMorgan Chase Bank, National Association

Mclachlan, Rissman & Doll in Chicago, IL received a Paycheck Protection Loan of $62,138 through JPMorgan Chase 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 April, 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, Mclachlan, Rissman & Doll's 2019 payroll expenses are estimated to be at least $298,262.

Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $99,421 per employee1

Reported PPP Proceed Usage:

On the PPP application, Mclachlan, Rissman & Doll reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $59,888
  • Health Care: $2,250

Business Information - Mclachlan, Rissman & Doll in Chicago, IL

Mclachlan, Rissman & Doll
676 N Michigan Avenue, Suite 2800 0.0
Chicago, IL 60611

Business Industry:
Offices of Lawyers
NAICS code 541110

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

Cook County, IL — SBA Office 0507 — Congressional District: IL-07

Similar Companies near Chicago

In the Chicago area, 101 businesses in the "Offices of Lawyers" industry received a PPP loan. These local businesses reported an average of 12 employees (compared to this company's 3) and received an average PPP loan of $225,851 (compared to this company's $62,138).

Industry PPP Comparison Statistics

Nationwide, 200,895 businesses in the "Offices of Lawyers" industry received a total of $16.38B in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 2% of the total PPP funding allocated.

PPP recipients in this industry report an average of 6 employees, 100% higher than Mclachlan, Rissman & Doll's reported 3 employees, and received an average PPP loan of $81,518, 31% higher than this company's loan of $62,138.

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.

Search FederalPay's Full PPP Loan Database

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/mclachlan-rissman-doll-chicago-il