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PPP Loan Data — Advance Mechanical Systems Inc,
Arlington Heights, IL
Advance Mechanical Systems Inc
Entity: Subchapter S Corporation
Industry: Plumbing, Heating, and Air-Conditioning Contractors
Location: Arlington Heights, IL
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Advance Mechanical Systems Inc is a subchapter s corporation located at 425 E Algonquin Rd in Arlington Heights, Illinois that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in February, 2021.
$
PPP Loan Information
Loan #9111888403
Loan Size:
Jobs Retained:
227Loan Approved:
2021-02-16Loan Status:
Paid in Full or ForgivenLender:
CIBC Bank USAAdvance Mechanical Systems Inc in Arlington Heights, IL received a Paycheck Protection Loan of $2M through CIBC Bank USA, which was approved in February, 2021.
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, 2022.
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, Advance Mechanical Systems Inc's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 227 jobs retained, this equals an estimated average yearly compensation of $42,291 per employee1
Reported PPP Proceed Usage:
On the PPP application, Advance Mechanical Systems Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,996
- Utilities: $1
Business Information - Advance Mechanical Systems Inc in Arlington Heights, IL
425 E Algonquin Rd
Arlington Heights, IL 60005
Business Industry:
Plumbing, Heating, and Air-Conditioning Contractors
NAICS code 238220
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: Y
HUBZone: N
Rural / Urban: Urban
Similar Companies near Arlington Heights
In the Arlington Heights area, 26 businesses in the "Plumbing, Heating, and Air-Conditioning Contractors" industry received a PPP loan. These local businesses reported an average of 53 employees (compared to this company's 227) and received an average PPP loan of $742,967 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Atomatic Mechanical Services Inc
Arlington Heights, IL
S And J Plumbing, LLC
Arlington Heights, IL
A.b.c. Plumbing, Heating, Cooling, & Electric, Inc
Arlington Heights, IL
Battaglia Industries, Inc
Arlington Heights, IL
Ibbotson Heating Co
Arlington Hts, IL
Central Plumbing Company Inc
Arlington Heights, IL
Electric Plumber Inc
Arlington Heights, IL
Quicksilver Mechanical Inc
Arlington Heights, IL
Industry PPP Comparison Statistics
Nationwide, 103,846 businesses in the "Plumbing, Heating, and Air-Conditioning Contractors" industry received a total of $13.03B 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 10 employees, 96% lower than Advance Mechanical Systems Inc's reported 227 employees, and received an average PPP loan of $125,450, 94% lower than this company's loan of $2M.
Advance Mechanical Systems, Inc
Entity: Subchapter S Corporation
Industry: Plumbing, Heating, and Air-Conditioning Contractors
Location: Arlington Heights, IL
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•
Search All PPP Data
Advance Mechanical Systems, Inc is a subchapter s corporation located at 425 E. Algonquin Rd in Arlington Heights, Illinois that received a Coronavirus-related PPP loan from the SBA of $7,500,000.00 in April, 2020.
$
PPP Loan Information
Loan #6639667002
Loan Size:
Jobs Retained:
420Loan Approved:
2020-04-07Loan Status:
Paid in Full or ForgivenLender:
CIBC Bank USAAdvance Mechanical Systems, Inc in Arlington Heights, IL received a Paycheck Protection Loan of $7.5M 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, Advance Mechanical Systems, Inc's 2019 payroll expenses are estimated to be at least $36M.
Based on their reported 420 jobs retained, this equals an estimated average yearly compensation of $85,714 per employee1
Reported PPP Proceed Usage:
On the PPP application, Advance Mechanical Systems, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $7,500,000
Business Information - Advance Mechanical Systems, Inc in Arlington Heights, IL
425 E. Algonquin Rd
Arlington Heights, IL 60005
Business Industry:
Plumbing, Heating, and Air-Conditioning Contractors
NAICS code 238220
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: Y
HUBZone: N
Rural / Urban: Urban
Similar Companies near Arlington Heights
In the Arlington Heights area, 26 businesses in the "Plumbing, Heating, and Air-Conditioning Contractors" industry received a PPP loan. These local businesses reported an average of 53 employees (compared to this company's 420) and received an average PPP loan of $742,967 (compared to this company's $7.5M).
Similar Nearby Businesses Who Received PPP Funding:
Atomatic Mechanical Services Inc
Arlington Heights, IL
S And J Plumbing, LLC
Arlington Heights, IL
A.b.c. Plumbing, Heating, Cooling, & Electric, Inc
Arlington Heights, IL
Battaglia Industries, Inc
Arlington Heights, IL
Ibbotson Heating Co
Arlington Hts, IL
Central Plumbing Company Inc
Arlington Heights, IL
Electric Plumber Inc
Arlington Heights, IL
Quicksilver Mechanical Inc
Arlington Heights, IL
Industry PPP Comparison Statistics
Nationwide, 103,846 businesses in the "Plumbing, Heating, and Air-Conditioning Contractors" industry received a total of $13.03B 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 10 employees, 98% lower than Advance Mechanical Systems, Inc's reported 420 employees, and received an average PPP loan of $125,450, 98% lower than this company's loan of $7.5M.
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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