PPP Loan Data — Secret Fort LLC, Chicago, IL
Secret Fort LLC is a limited liability company (LLC) located at 1008 W Lake St Unit 2 in Chicago, Illinois that received a Coronavirus-related PPP loan from the SBA of $47,053.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:First Midwest Bank
Secret Fort LLC in Chicago, IL received a Paycheck Protection Loan of $47,053 through First Midwest Bank, which was approved in April, 2020.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 2. 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, Secret Fort LLC's 2019 payroll expenses are estimated to be at least $225,854 (not accounting for salary amounts > $100k).
Because the 2 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, Secret Fort LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $47,053
Business Information - Secret Fort LLC in Chicago, IL
1008 W Lake St Unit 2
Chicago, IL 60607
NAICS code 541810
Business Owner Demographics
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, 39 businesses in the "Advertising Agencies" industry received a PPP loan. These local businesses reported an average of 9 employees (compared to this company's 2) and received an average PPP loan of $150,255 (compared to this company's $47,053).
Similar Nearby Businesses Who Received PPP Funding:
Next Now, Inc
CUT Thru Inc
David S Chen
Vertical Web Media LLC
Lido Clara LLC
Industry PPP Comparison Statistics
Nationwide, 24,012 businesses in the "Advertising Agencies" industry received a total of $2.39B 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 7 employees, 250% higher than Secret Fort LLC's reported 2 employees, and received an average PPP loan of $99,714, 112% higher than this company's loan of $47,053.
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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