PPP Loan Data — Westover Born & Peck PC, Chicago, IL
Westover Born & Peck PC is a corporation located at 4255 N Honore St Ste 206 in Chicago, Illinois that received a Coronavirus-related PPP loan from the SBA of $46,278.00 in January, 2021.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Wintrust Bank, National Association
Westover Born & Peck PC in Chicago, IL received a Paycheck Protection Loan of $46,278 through Wintrust Bank, National Association, which was approved 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, Westover Born & Peck PC's 2019 payroll expenses are estimated to be at least $222,134.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $55,534 per employee1
Reported PPP Proceed Usage:
On the PPP application, Westover Born & Peck PC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,276
- Utilities: $1
Business Information - Westover Born & Peck PC in Chicago, IL
4255 N Honore St Ste 206
Chicago, IL 60613
Offices of Lawyers
NAICS code 541110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Chicago
In the Chicago area, 103 businesses in the "Offices of Lawyers" industry received a PPP loan. These local businesses reported an average of 3 employees (compared to this company's 4) and received an average PPP loan of $29,629 (compared to this company's $46,278).
Similar Nearby Businesses Who Received PPP Funding:
Ruiz Velasco Immigration Law PC
Friedman Law Group, LTD
Byrd & Cioromski, PC
David Wells & Associates, PC
Law Offices Of Marvin Husby
Mulryan And York PC
Industry PPP Comparison Statistics
Nationwide, 200,895 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, 50% higher than Westover Born & Peck PC's reported 4 employees, and received an average PPP loan of $81,518, 76% higher than this company's loan of $46,278.
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Footnotes & Information
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