PPP Loan Data — Shoreline Fruit, LLC, Traverse City, MI
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 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
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, 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
10850 E Traverse Hwy Ste 4460
Traverse City, MI 49684
Dried and Dehydrated Food Manufacturing
NAICS code 311423
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
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.
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Footnotes & Information
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