PPP Loan Data — Spinforce Inc, Chicago, IL
Spinforce Inc is a subchapter s corporation located at 3712 N Broadway #128 in Chicago, Illinois that received a Coronavirus-related PPP loan from the SBA of $25,322.00 in May, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:JPMorgan Chase Bank, National Association
Spinforce Inc in Chicago, IL received a Paycheck Protection Loan of $25,322 through JPMorgan Chase Bank, National Association, which was approved in May, 2020.
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, Spinforce Inc's 2019 payroll expenses are estimated to be at least $121,546.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $40,515 per employee1
Reported PPP Proceed Usage:
On the PPP application, Spinforce Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,322
Business Information - Spinforce Inc in Chicago, IL
3712 N Broadway #128
Chicago, IL 60613
NAICS code 999990
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Chicago
In the Chicago area, 119 businesses in the "Unclassified Establishments" industry received a PPP loan. These local businesses reported an average of 9 employees (compared to this company's 3) and received an average PPP loan of $34,985 (compared to this company's $25,322).
Similar Nearby Businesses Who Received PPP Funding:
Ashland Leather Co
ROC & Brownhouse General Contractors Cor
Breneman Group LLC
La Belle Vie Advisors LLC
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, 233% higher than Spinforce Inc's reported 3 employees, and received an average PPP loan of $42,878, 69% higher than this company's loan of $25,322.
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