PPP Loan Data — Soderstrom Dermatology Center, Peoria Heights, IL
Soderstrom Dermatology Center
Location: Peoria Heights, ILTweet This • Search All PPP Data
Soderstrom Dermatology Center is a corporation located at 4909 N Glen Park Pl in Peoria Heights, Illinois that received a Coronavirus-related PPP loan from the SBA of $1,649,800.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 164 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Morton Community Bank
Soderstrom Dermatology Center in Peoria Heights, IL received a Paycheck Protection Loan of $1.65M through Morton Community Bank, 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 May, 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, Soderstrom Dermatology Center's 2019 payroll expenses are estimated to be at least $7.92M.
Based on their reported 164 jobs retained, this equals an estimated average yearly compensation of $48,287 per employee1
Reported PPP Proceed Usage:
On the PPP application, Soderstrom Dermatology Center reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,649,800
Business Information - Soderstrom Dermatology Center in Peoria Heights, IL
4909 N Glen Park Pl
Peoria Heights, IL 61616
Offices of Physicians (except Mental Health Specialists)
NAICS code 621111
Business Owner Demographics
Gender: Male Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Peoria Heights
In the Peoria Heights area, 10 businesses in the "Offices of Physicians (except Mental Health Specialists)" industry received a PPP loan. These local businesses reported an average of 116 employees (compared to this company's 164) and received an average PPP loan of $1,324,485 (compared to this company's $1.65M).
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Industry PPP Comparison Statistics
Nationwide, 176,926 businesses in the "Offices of Physicians (except Mental Health Specialists)" industry received a total of $21.07B in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 3% of the total PPP funding allocated.
PPP recipients in this industry report an average of 11 employees, 93% lower than Soderstrom Dermatology Center's reported 164 employees, and received an average PPP loan of $119,087, 93% lower than this company's loan of $1.65M.
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