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PPP Loan Data — Vanee Foods Company,
Berkeley, IL
Vanee Foods Company
Entity: Subchapter S Corporation
Industry: Specialty Canning
Location: Berkeley, IL
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Vanee Foods Company is a subchapter s corporation located at 5418 Mcdermott Dr in Berkeley, Illinois that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in February, 2021.
$
PPP Loan Information
Loan #1636728408
Loan Size:
Jobs Retained:
137Loan Approved:
2021-02-02Loan Status:
Ongoing LoanLender:
CIBC Bank USAVanee Foods Company in Berkeley, IL received a Paycheck Protection Loan of $2M through CIBC Bank USA, which was approved in February, 2021.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.
Read MoreUnderstanding Payroll Estimates Based On PPP Amount
Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.
Read MoreBased 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, Vanee Foods Company's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 137 jobs retained, this equals an estimated average yearly compensation of $70,073 per employee1
Reported PPP Proceed Usage:
On the PPP application, Vanee Foods Company reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,998
- Utilities: $1
Business Information - Vanee Foods Company in Berkeley, IL
5418 Mcdermott Dr
Berkeley, IL 60163
Business Industry:
Specialty Canning
NAICS code 311422
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Businesses Using Same Address:
There is one other business that received a PPP loan registered to the same address as Vanee Foods Company.
Joseph's Food Products Company Inc
Specialty Canning
Similar Companies near Berkeley
In the Berkeley area, 4 businesses in the "Specialty Canning" industry received a PPP loan. These local businesses reported an average of 187 employees (compared to this company's 137) and received an average PPP loan of $2,290,081 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Joseph's Food Products Company Inc
Berkeley, IL
Industry PPP Comparison Statistics
Nationwide, 197 businesses in the "Specialty Canning" industry received a total of $34.9M 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, 85% lower than Vanee Foods Company's reported 137 employees, and received an average PPP loan of $177,166, 91% lower than this company's loan of $2M.
Vanee Foods Company
Entity: Subchapter S Corporation
Industry: Specialty Canning
Location: Berkeley, IL
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•
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Vanee Foods Company is a subchapter s corporation located at 5418 Mcdermott Drive in Berkeley, Illinois that received a Coronavirus-related PPP loan from the SBA of $2,803,900.00 in April, 2020.
$
PPP Loan Information
Loan #6720067007
Loan Size:
Jobs Retained:
164Loan Approved:
2020-04-07Loan Status:
Paid in Full or ForgivenLender:
CIBC Bank USAVanee Foods Company in Berkeley, IL received a Paycheck Protection Loan of $2.8M through CIBC Bank USA, 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 July, 2021.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.
Read MoreUnderstanding Payroll Estimates Based On PPP Amount
Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.
Read MoreBased 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, Vanee Foods Company's 2019 payroll expenses are estimated to be at least $13.46M.
Based on their reported 164 jobs retained, this equals an estimated average yearly compensation of $82,065 per employee1
Reported PPP Proceed Usage:
On the PPP application, Vanee Foods Company reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,803,900
Business Information - Vanee Foods Company in Berkeley, IL
5418 Mcdermott Drive
Berkeley, IL 60163
Business Industry:
Specialty Canning
NAICS code 311422
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near Berkeley
In the Berkeley area, 4 businesses in the "Specialty Canning" industry received a PPP loan. These local businesses reported an average of 187 employees (compared to this company's 164) and received an average PPP loan of $2,290,081 (compared to this company's $2.8M).
Similar Nearby Businesses Who Received PPP Funding:
Joseph's Food Products Company Inc
Berkeley, IL
Industry PPP Comparison Statistics
Nationwide, 197 businesses in the "Specialty Canning" industry received a total of $34.9M 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, 88% lower than Vanee Foods Company's reported 164 employees, and received an average PPP loan of $177,166, 94% lower than this company's loan of $2.8M.
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. FederalPay does not modify the data and makes no claims regarding its accuracy.
Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.
Footnotes & Information
1. Estimations for informational purposes only. 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.
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