PPP Loan Data — CFM / Vr-Tesco, LLC, Elgin, IL
CFM / Vr-Tesco, LLC
Industry: Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance
Location: Elgin, ILTweet This • Search All PPP Data
CFM / Vr-Tesco, LLC is a corporation located at 1875 Fox Ln in Elgin, Illinois that received a Coronavirus-related PPP loan from the SBA of $2,163,200.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:BMO Harris Bank National Association
CFM / Vr-Tesco, LLC in Elgin, IL received a Paycheck Protection Loan of $2.16M through BMO Harris Bank National Association, which was approved in April, 2020.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 104. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
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 More
Understanding 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 More
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, CFM / Vr-Tesco, LLC's 2019 payroll expenses are estimated to be at least $10.38M (not accounting for salary amounts > $100k).
Because the 83 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Reported PPP Proceed Usage:
On the PPP application, CFM / Vr-Tesco, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,163,200
Business Information - CFM / Vr-Tesco, LLC in Elgin, IL
1875 Fox Ln
Elgin, IL 60123
Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance
NAICS code 811310
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Elgin
In the Elgin area, 6 businesses in the "Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance" industry received a PPP loan. These local businesses reported an average of 22 employees (compared to this company's 83) and received an average PPP loan of $497,108 (compared to this company's $2.16M).
Similar Nearby Businesses Who Received PPP Funding:
Irish Tony II Inc
Elgin Truck & Trailer Repair Inc
Industry PPP Comparison Statistics
Nationwide, 22,310 businesses in the "Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance" industry received a total of $2.27B 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 9 employees, 89% lower than CFM / Vr-Tesco, LLC's reported 83 employees, and received an average PPP loan of $101,583, 95% lower than this company's loan of $2.16M.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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