PPP Loan Data — Sonswil LLC, Lake Orion, MI
Sonswil LLC is a limited liability company (LLC) located at 3514 East Pond Lane in Lake Orion, Michigan that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in May, 2020.
The company has reported itself as a White male owned business, and employed at least seven people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:The Huntington National Bank
Sonswil LLC in Lake Orion, MI received a Paycheck Protection Loan of $25,000 through The Huntington National Bank, which was approved in May, 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 June, 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, Sonswil LLC's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 7 jobs retained, this equals an estimated average yearly compensation of $17,143 per employee1
Reported PPP Proceed Usage:
On the PPP application, Sonswil LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Sonswil LLC in Lake Orion, MI
3514 East Pond Lane
Lake Orion, MI 48359
NAICS code 999990
Business Owner Demographics
Gender: Male Owned
Veteran Status: Non-Veteran
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Lake Orion
In the Lake Orion area, 4 businesses in the "Unclassified Establishments" industry received a PPP loan. These local businesses reported an average of 4 employees (compared to this company's 7) and received an average PPP loan of $27,240 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Lake Orion, MI
Columbus Auto LLC
Lake Orion, MI
Linc Anesthesia Services Inc
Lake Orion, MI
Industry PPP Comparison Statistics
Nationwide, 85,647 businesses in the "Unclassified Establishments" industry received a total of $3.67B 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 10 employees, 43% higher than Sonswil LLC's reported 7 employees, and received an average PPP loan of $42,878, 72% higher than this company's loan of $25,000.
FederalPay's PPP Information Policy
Footnotes & Information
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