PPP Loan Data — Workforce Employment Specialists LLC, Holland, MI
Workforce Employment Specialists LLC is a limited liability company (LLC) located at 102 Walnut St. Suite A in Holland, Michigan that received a Coronavirus-related PPP loan from the SBA of $2,244,100.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Workforce Employment Specialists LLC in Holland, MI received a Paycheck Protection Loan of $2.24M through Macatawa Bank, which was approved in April, 2020.
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
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, Workforce Employment Specialists LLC's 2019 payroll expenses are estimated to be at least $10.77M.
Based on their reported 269 jobs retained, this equals an estimated average yearly compensation of $40,043 per employee1
Reported PPP Proceed Usage:
On the PPP application, Workforce Employment Specialists LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,244,100
Business Information - Workforce Employment Specialists LLC in Holland, MI
102 Walnut St. Suite A
Holland, MI 49423
Employment Placement Agencies
NAICS code 561311
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Holland
In the Holland area, 5 businesses in the "Employment Placement Agencies" industry received a PPP loan. These local businesses reported an average of 56 employees (compared to this company's 269) and received an average PPP loan of $467,675 (compared to this company's $2.24M).
Similar Nearby Businesses Who Received PPP Funding:
Prosource Search, Inc
Strategic Talent Solutions LLC
Jerome P Buterakos
Industry PPP Comparison Statistics
Nationwide, 12,601 businesses in the "Employment Placement Agencies" industry received a total of $3.48B 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 35 employees, 87% lower than Workforce Employment Specialists LLC's reported 269 employees, and received an average PPP loan of $275,915, 88% lower than this company's loan of $2.24M.
FederalPay's PPP Information Policy
Footnotes & Information
Have FederalPay.org's open data tools been valuable? Consider donating!