PPP Loan Data — Theresa Solon, Streator, IL
Theresa Solon is a sole proprietorship located at 1801 N Bloomington St in Streator, Illinois that received a Coronavirus-related PPP loan from the SBA of $25,290.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Midland States Bank
Theresa Solon in Streator, IL received a Paycheck Protection Loan of $25,290 through Midland States Bank, which was approved in April, 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 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, Theresa Solon's 2019 payroll expenses are estimated to be at least $121,392.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $24,278 per employee1
Reported PPP Proceed Usage:
On the PPP application, Theresa Solon reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,000
- Utilities: $1,290
Business Information - Theresa Solon in Streator, IL
1801 N Bloomington St
Streator, IL 61364
Insurance Agencies and Brokerages
NAICS code 524210
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Streator
In the Streator area, 6 businesses in the "Insurance Agencies and Brokerages" industry received a PPP loan. These local businesses reported an average of 4 employees (compared to this company's 5) and received an average PPP loan of $28,300 (compared to this company's $25,290).
Similar Nearby Businesses Who Received PPP Funding:
Liptak Insurance Agency, Inc
Kuntz Insurance Agency Inc
Green Financial Group
Lucas Insurance & Financial Services Inc
Industry PPP Comparison Statistics
Nationwide, 149,532 businesses in the "Insurance Agencies and Brokerages" industry received a total of $5.87B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 4 employees, 20% lower than Theresa Solon's reported 5 employees, and received an average PPP loan of $39,254, 55% higher than this company's loan of $25,290.
FederalPay's PPP Information Policy
Footnotes & Information
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