PPP Loan Data — Midwest Consultants Group, Chicago, IL
Midwest Consultants Group is a corporation located at 9212 S Stony Island Ave in Chicago, Illinois that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in May, 2020.
The company has reported itself as a Black or african american female owned business, and employed at least three people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:First Midwest Bank
Midwest Consultants Group in Chicago, IL received a Paycheck Protection Loan of $25,000 through First Midwest Bank, which was approved in May, 2020.
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, Midwest Consultants Group's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $40,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Midwest Consultants Group reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Midwest Consultants Group in Chicago, IL
9212 S Stony Island Ave
Chicago, IL 60617
Other Accounting Services
NAICS code 541219
Business Owner Demographics
Race: Black or African American
Ethnicity: Not Hispanic or Latino
Gender: Female Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Chicago
In the Chicago area, 48 businesses in the "Other Accounting Services" industry received a PPP loan. These local businesses reported an average of 3 employees (compared to this company's 3) and received an average PPP loan of $26,884 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
TZG Accounting LLC
Ledgerkey Accounting Inc
Ripple Tax & Financial Services Inc
Agencia Delgado Inc
Industry PPP Comparison Statistics
Nationwide, 64,443 businesses in the "Other Accounting Services" industry received a total of $2.03B 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, the same amount reported by Midwest Consultants Group and received an average PPP loan of $31,571, 26% higher than this company's loan of $25,000.
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Footnotes & Information
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