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PPP Loan Data — Pro Financials, Palos Hills, IL

SBA PPP loan data, payroll data, and salaries for Pro Financials
IL

Pro Financials

Entity: Limited Liability Company (LLC)

Industry: Insurance Agencies and Brokerages

Location: Palos Hills, IL

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Pro Financials is a limited liability company (LLC) located at 9957 S Roberts Rd in Palos Hills, Illinois that received a Coronavirus-related PPP loan from the SBA of $24,999.00 in May, 2020.

$ PPP Loan Information
Loan #4990247700

Loan Size:

$24,999

Jobs Retained:

2

Loan Approved:

2020-05-01

Loan Status:

Paid in Full or Forgiven

Lender:

Bank of America, National Association

Pro Financials in Palos Hills, IL received a Paycheck Protection Loan of $24,999 through Bank of America, National Association, which was approved in May, 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, Pro Financials' 2019 payroll expenses are estimated to be at least $119,995.

Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $59,998 per employee1

Reported PPP Proceed Usage:

On the PPP application, Pro Financials reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $24,999

Business Information - Pro Financials in Palos Hills, IL

Pro Financials
9957 S Roberts Rd
Palos Hills, IL 60465

Business Industry:
Insurance Agencies and Brokerages
NAICS code 524210

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: New Business or 2 years or less

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

Cook County, IL — SBA Office 0507 — Congressional District: IL-03

Similar Companies near Palos Hills

In the Palos Hills area, 70 businesses in the "Insurance Agencies and Brokerages" industry received a PPP loan. These local businesses reported an average of 3 employees (compared to this company's 2) and received an average PPP loan of $31,758 (compared to this company's $24,999).

Industry PPP Comparison Statistics

Nationwide, 149,532 businesses in the "Insurance Agencies and Brokerages" industry received a total of $5.87B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 1% of the total PPP funding allocated.

PPP recipients in this industry report an average of 4 employees, 100% higher than Pro Financials' reported 2 employees, and received an average PPP loan of $39,254, 57% higher than this company's loan of $24,999.

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/pro-financials-palos-hills-il