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PPP Loan Data — Shoreline Fruit, LLC, Traverse City, MI

SBA PPP loan data, payroll data, and salaries for Shoreline Fruit, LLC
MI

Shoreline Fruit, LLC

Entity: Limited Liability Company (LLC)

Industry: Dried and Dehydrated Food Manufacturing

Location: Traverse City, MI

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Shoreline Fruit, LLC is a limited liability company (LLC) located at 10850 E Traverse Hwy Ste 4460 in Traverse City, Michigan that received a Coronavirus-related PPP loan from the SBA of $1,592,100.00 in April, 2020.

$ PPP Loan Information
Loan #4971787104

Loan Size:

$1.59M

Jobs Retained:

153

Loan Approved:

2020-04-13

Loan Status:

Paid in Full or Forgiven

Lender:

Greenstone Farm Credit Services, ACA

Shoreline Fruit, LLC in Traverse City, MI received a Paycheck Protection Loan of $1.59M through Greenstone Farm Credit Services, ACA, which was approved in April, 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 January, 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, Shoreline Fruit, LLC's 2019 payroll expenses are estimated to be at least $7.64M.

Based on their reported 153 jobs retained, this equals an estimated average yearly compensation of $49,948 per employee1

Reported PPP Proceed Usage:

On the PPP application, Shoreline Fruit, LLC reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,357,100
  • Utilities: $80,000
  • Mortgage Interest: $40,000
  • Rent: $75,000
  • Debt Interest: $40,000

Business Information - Shoreline Fruit, LLC in Traverse City, MI

Shoreline Fruit, LLC
10850 E Traverse Hwy Ste 4460
Traverse City, MI 49684

Business Industry:
Dried and Dehydrated Food Manufacturing
NAICS code 311423

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Rural

Grand Traverse County, MI — SBA Office 0515 — Congressional District: MI-01

Industry PPP Comparison Statistics

Nationwide, 440 businesses in the "Dried and Dehydrated Food Manufacturing" industry received a total of $96.13M 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 24 employees, 84% lower than Shoreline Fruit, LLC's reported 153 employees, and received an average PPP loan of $218,469, 86% lower than this company's loan of $1.59M.

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.

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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/shoreline-fruit-llc-traverse-city-mi