PPP Loan Data — Testa Produce, Inc., Chicago, IL
Testa Produce, Inc. is a corporation located at 4555 South Racine in Chicago, Illinois that received a Coronavirus-related PPP loan from the SBA of $2,889,470.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 106 people during the applicable loan loan period.
$ PPP Loan Information
Lender:FIFTH THIRD BANK
Testa Produce, Inc. received a Paycheck Protection Loan of $2.89M through FIFTH THIRD BANK, which was approved in April, 2020.
The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 106 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.
2019 Payroll Estimations based On PPP Amount:
Assuming all employees were paid over the $100k eligibility cap, the minimum number of employees this company must have had in 2019 to qualify for the loan range received is 139.
Based on standard PPP eligibility rules, Testa Produce, Inc.'s total 2019 payroll expenses were approximately $13.87M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.
Because the 106 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Business Information - Testa Produce, Inc. in Chicago, IL
4555 South Racine
Chicago, IL 60609
Fresh Fruit and Vegetable Merchant Wholesalers (NAICS code 424480)
Business Owner Demographics
Race / Ethnicity: Unreported
Gender: MALE OWNED
Veteran Status: NON-VETERANCongressional District: IL-03
Similar Companies near Chicago
In the Chicago area, 17 businesses in the "Fresh Fruit and Vegetable Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 30 employees (compared to this company's 106) and received an average PPP loan of $505,844 (compared to this company's $2.89M).
Similar Nearby Businesses Who Received PPP Funding:
El Tio Jose Inc.
Jack Tuchten Wholesale Produce Inc.
George J. Cornille & Sons, Inc.
La Hacienda Brands, Inc.
Dietz 6; Kolodenko Co.
Truong Enterprises, Inc.
Fresh Choice Wholesale Enterprises Inc
Panama Banana Distributing Co., Inc.
Industry PPP Comparison Statistics
Nationwide, 2,174 businesses in the "Fresh Fruit and Vegetable Merchant Wholesalers" industry received a total of $605,605,165.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.
PPP recipients in this industry report an average of 24 employees, 77% lower than Testa Produce, Inc.'s reported 106 employees, and received an average PPP loan of $278,567, 90% lower than this company's loan of $2.89M.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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