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PPP Loan Data — Varnum LLP,
Grand Rapids, MI
Varnum LLP
Entity: Limited Liability Partnership
Industry: Offices of Lawyers
Location: Grand Rapids, MI
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Varnum LLP is a limited liability partnership located at 333 Bridge St Nw in Grand Rapids, Michigan that received a Coronavirus-related PPP loan from the SBA of $3,536,000.00 in April, 2020.
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PPP Loan Information
Loan #3285117108
Loan Size:
Jobs Retained:
227Loan Approved:
2020-04-11Loan Status:
Paid in Full or ForgivenLender:
Independent BankVarnum LLP in Grand Rapids, MI received a Paycheck Protection Loan of $3.54M through Independent 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 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, Varnum LLP's 2019 payroll expenses are estimated to be at least $16.97M.
Based on their reported 227 jobs retained, this equals an estimated average yearly compensation of $74,770 per employee1
Reported PPP Proceed Usage:
On the PPP application, Varnum LLP reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $3,536,000
Business Information - Varnum LLP in Grand Rapids, MI
333 Bridge St Nw
Grand Rapids, MI 49504
Business Industry:
Offices of Lawyers
NAICS code 541110
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: New Business or 2 years or less
LMI Zone: Y
HUBZone: N
Rural / Urban: Urban
Businesses Using Same Address:
There are 2 other businesses that received a PPP loan registered to the same address as Varnum LLP.
Matthew Jones
Offices of Real Estate Agents and Brokers
Jared Stauffer Cfp
Investment Advice
Similar Companies near Grand Rapids
In the Grand Rapids area, 151 businesses in the "Offices of Lawyers" industry received a PPP loan. These local businesses reported an average of 11 employees (compared to this company's 227) and received an average PPP loan of $187,912 (compared to this company's $3.54M).
Similar Nearby Businesses Who Received PPP Funding:
M A Law Inc
Grand Rapids, MI
WN Law PLLC
Grand Rapids, MI
Velo Associates Plc
Grand Rapids, MI
Marielo P Puerta PC
Grand Rapids, MI
The Smith Law Firm PLLC
Grand Rapids, MI
The Haehnel Law Firm, PLLC
Grand Rapids, MI
BOS & Glazier, Plc
Grand Rapids, MI
Toburen Law Plc
Grand Rapids, MI
Law Office Of Beth Striegle PLLC
Grand Rapids, MI
Industry PPP Comparison Statistics
Nationwide, 200,504 businesses in the "Offices of Lawyers" industry received a total of $16.38B in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 2% of the total PPP funding allocated.
PPP recipients in this industry report an average of 6 employees, 97% lower than Varnum LLP's reported 227 employees, and received an average PPP loan of $81,670, 98% lower than this company's loan of $3.54M.
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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