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PPP Loan Data — Area Erectors, Inc., Rockford, IL

SBA PPP loan data, payroll data, and salaries for Area Erectors, Inc.
IL

Area Erectors, Inc.

Entity: Subchapter S Corporation

Industry: Structural Steel and Precast Concrete Contractors

Location: Rockford, IL

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Area Erectors, Inc. is a subchapter s corporation located at 2323 Harrison Avenue in Rockford, Illinois that received a Coronavirus-related PPP loan from the SBA of $3,948,800.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$3.95M

Jobs Retained:

221

Loan Approved:

2020-04-14

Lender:

NORTHWEST BANK OF ROCKFORD

Area Erectors, Inc. received a Paycheck Protection Loan of $3.95M through NORTHWEST BANK OF ROCKFORD, which was approved in April, 2020.

Based on standard PPP eligibility rules, Area Erectors, Inc.'s total 2019 payroll expenses were approximately $18.95M in order to qualify for the PPP loan amount received.

Based on their reported 221 jobs retained, this equals an estimated average yearly compensation of $85,766 per employee1.

Because the loan received by Area Erectors, Inc. is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Area Erectors, Inc. in Rockford, IL

Area Erectors, Inc.
2323 Harrison Avenue
Rockford, IL 61104

Business Industry

Structural Steel and Precast Concrete Contractors (NAICS code 238120)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: IL-17

Industry PPP Comparison Statistics

Nationwide, 2,045 businesses in the "Structural Steel and Precast Concrete Contractors" industry received a total of $681,119,594.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.

PPP recipients in this industry report an average of 22 employees, 90% lower than Area Erectors, Inc.'s reported 221 employees, and received an average PPP loan of $333,066, 92% lower than this company's loan of $3.95M.

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.

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Footnotes & Information

1. 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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/area-erectors-inc-rockford-il