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PPP Loan Data — Testa Produce, Inc., Chicago, IL

SBA PPP loan data, payroll data, and salaries for Testa Produce, Inc.
IL

Testa Produce, Inc.

Entity: Corporation

Industry: Fresh Fruit and Vegetable Merchant Wholesalers

Location: Chicago, IL

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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

Loan Size:

$2.89M
Likely Employment Reduction3

Jobs Retained:

106

Loan Approved:

2020-04-13

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.

Because the loan received by Testa Produce, Inc. is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Testa Produce, Inc. in Chicago, IL

Testa Produce, Inc.
4555 South Racine
Chicago, IL 60609

Business Industry

Fresh Fruit and Vegetable Merchant Wholesalers (NAICS code 424480)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: MALE OWNED

Veteran Status: NON-VETERAN

Congressional 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).

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

Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.

All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA.

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Footnotes & Information

1. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.

2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.

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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/testa-produce-inc-chicago-il