PPP Loan Data — Open Kitchens, Inc, Chicago, IL
Open Kitchens, Inc is a subchapter s corporation located at 1161 West 21st Street in Chicago, Illinois that received a Coronavirus-related PPP loan from the SBA of $1,764,200.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:BMO Harris Bank National Association
Open Kitchens, Inc in Chicago, IL received a Paycheck Protection Loan of $1.76M through BMO Harris Bank National Association, which was approved in April, 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, Open Kitchens, Inc's 2019 payroll expenses are estimated to be at least $8.47M.
Based on their reported 225 jobs retained, this equals an estimated average yearly compensation of $37,636 per employee1
Reported PPP Proceed Usage:
On the PPP application, Open Kitchens, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,764,200
Business Information - Open Kitchens, Inc in Chicago, IL
1161 West 21st Street
Chicago, IL 60608
Food Service Contractors
NAICS code 722310
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Chicago
In the Chicago area, 37 businesses in the "Food Service Contractors" industry received a PPP loan. These local businesses reported an average of 33 employees (compared to this company's 225) and received an average PPP loan of $285,349 (compared to this company's $1.76M).
Similar Nearby Businesses Who Received PPP Funding:
Square & Circle LLC
Shaved Ice Distributors Inc
Industry PPP Comparison Statistics
Nationwide, 38,610 businesses in the "Food Service Contractors" industry received a total of $2.01B 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 6 employees, 97% lower than Open Kitchens, Inc's reported 225 employees, and received an average PPP loan of $52,102, 97% lower than this company's loan of $1.76M.
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Footnotes & Information
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