PPP Loan Data — Spoon River Partnership For Economic Development, Canton, IL
Spoon River Partnership For Economic Development is a 501(c)3 – non profit located at 209 E Chestnut St Ste 2 in Canton, Illinois that received a Coronavirus-related PPP loan from the SBA of $24,936.00 in January, 2021.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:MidAmerica National Bank
Spoon River Partnership For Economic Development in Canton, IL received a Paycheck Protection Loan of $24,936 through MidAmerica National Bank, which was approved 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, Spoon River Partnership For Economic Development's 2019 payroll expenses are estimated to be at least $119,693.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $59,847 per employee1
Reported PPP Proceed Usage:
On the PPP application, Spoon River Partnership For Economic Development reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,934
- Utilities: $1
Business Information - Spoon River Partnership For Economic Development in Canton, IL
209 E Chestnut St Ste 2
Canton, IL 61520
Civic and Social Organizations
NAICS code 813410
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Rural
Similar Companies near Canton
In the Canton area, 3 businesses in the "Civic and Social Organizations" industry received a PPP loan. These local businesses reported an average of 5 employees (compared to this company's 2) and received an average PPP loan of $14,197 (compared to this company's $24,936).
Similar Nearby Businesses Who Received PPP Funding:
Benevolent & Protective Order Of Elks
Orlando C. Crowther Post 16 Of The American Legion
Industry PPP Comparison Statistics
Nationwide, 18,550 businesses in the "Civic and Social Organizations" industry received a total of $2.6B 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 20 employees, 900% higher than Spoon River Partnership For Economic Development's reported 2 employees, and received an average PPP loan of $140,085, 462% higher than this company's loan of $24,936.
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Footnotes & Information
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