PPP Loan Data — Renaissance Psychiatry, Wheaton, IL
Renaissance Psychiatry is a subchapter s corporation located at 7 Blanchard Cir in Wheaton, Illinois that received a Coronavirus-related PPP loan from the SBA of $25,297.00 in June, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:U.S. Bank, National Association
Renaissance Psychiatry in Wheaton, IL received a Paycheck Protection Loan of $25,297 through U.S. Bank, National Association, which was approved in June, 2020.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 1. 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
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, Renaissance Psychiatry's 2019 payroll expenses are estimated to be at least $121,426 (not accounting for salary amounts > $100k).
Because the 1 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, Renaissance Psychiatry reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,297
Business Information - Renaissance Psychiatry in Wheaton, IL
7 Blanchard Cir
Wheaton, IL 60189
Offices of Physicians, Mental Health Specialists
NAICS code 621112
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Wheaton
In the Wheaton area, 8 businesses in the "Offices of Physicians, Mental Health Specialists" industry received a PPP loan. These local businesses reported an average of 7 employees (compared to this company's 1) and received an average PPP loan of $96,838 (compared to this company's $25,297).
Similar Nearby Businesses Who Received PPP Funding:
Alliance Clinical Associates, SC
Midwest Neurosurgery & Spine Specialists PC
Dupage Mental Health Services LTD
DR. Luis C. Mayolo, Inc
Mindbodyheart Psychiatry LLC
Carol Stream, IL
Pauline K Wiener MD SC
Carol Stream, IL
Industry PPP Comparison Statistics
Nationwide, 21,049 businesses in the "Offices of Physicians, Mental Health Specialists" industry received a total of $1.68B 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 8 employees, 700% higher than Renaissance Psychiatry's reported 1 employees, and received an average PPP loan of $80,024, 216% higher than this company's loan of $25,297.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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