PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Chemtech Plastics Inc, Elgin, IL

ALERT: There are 2 PPP loans for a total of $4.08M in our database for businesses with the name "Chemtech Plastics Inc" in Elgin, IL. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Chemtech Plastics Inc
IL

Chemtech Plastics Inc

Entity: Corporation

Industry: All Other Plastics Product Manufacturing

Location: Elgin, IL

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Chemtech Plastics Inc is a corporation located at 765 Church Rd in Elgin, Illinois that received a Coronavirus-related PPP loan from the SBA of $1,995,300.00 in May, 2021.

The company has reported itself as a male owned business, and employed at least 186 people during the applicable loan loan period.

$ PPP Loan Information
Loan #6983588901

Loan Size:

$2M

Jobs Retained:

186

Loan Approved:

2021-05-05

Loan Status:

Active Un-Disbursed

Lender:

American Community Bank & Trust
PPP Funds Undisbursed

Chemtech Plastics Inc in Elgin, IL received a Paycheck Protection Loan of $2M through American Community Bank & Trust, which was approved in May, 2021.

While this loan has been approved by the Small Business Administration, the lender has not reported to the SBA that the loan funds were disbursed to the borrower. According to SBA records, a total of $2M in approved PPP funding has not been disbursed. The loan's status was last updated by the SBA in May, 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 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, Chemtech Plastics Inc's 2019 payroll expenses are estimated to be at least $9.58M.

Based on their reported 186 jobs retained, this equals an estimated average yearly compensation of $51,492 per employee1

Reported PPP Proceed Usage:

On the PPP application, Chemtech Plastics Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,995,294
  • Utilities: $1

Business Information - Chemtech Plastics Inc in Elgin, IL

Chemtech Plastics Inc
765 Church Rd
Elgin, IL 60123

Business Industry:
All Other Plastics Product Manufacturing
NAICS code 326199

Business Owner Demographics

Race: Unreported

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Kane County, IL — SBA Office 0507 — Congressional District: IL-06

Similar Companies near Elgin

In the Elgin area, 11 businesses in the "All Other Plastics Product Manufacturing" industry received a PPP loan. These local businesses reported an average of 87 employees (compared to this company's 186) and received an average PPP loan of $926,417 (compared to this company's $2M).

Industry PPP Comparison Statistics

Nationwide, 5,013 businesses in the "All Other Plastics Product Manufacturing" industry received a total of $1.67B 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 34 employees, 82% lower than Chemtech Plastics Inc's reported 186 employees, and received an average PPP loan of $333,733, 83% lower than this company's loan of $2M.

SBA PPP loan data, payroll data, and salaries for Chemtech Plastics, Inc
IL

Chemtech Plastics, Inc

Entity: Corporation

Industry: All Other Plastics Product Manufacturing

Location: Elgin, IL

Search All PPP Data

Chemtech Plastics, Inc is a corporation located at 765 Church Road in Elgin, Illinois that received a Coronavirus-related PPP loan from the SBA of $2,082,855.00 in April, 2020.

The company has reported itself as a male owned business, and employed at least 186 people during the applicable loan loan period.

$ PPP Loan Information
Loan #5702657107

Loan Size:

$2.08M

Jobs Retained:

186

Loan Approved:

2020-04-13

Loan Status:

Ongoing Loan

Lender:

Fifth Third Bank

Chemtech Plastics, Inc in Elgin, IL received a Paycheck Protection Loan of $2.08M through Fifth Third 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

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, Chemtech Plastics, Inc's 2019 payroll expenses are estimated to be at least $10M.

Based on their reported 186 jobs retained, this equals an estimated average yearly compensation of $53,751 per employee1

Reported PPP Proceed Usage:

On the PPP application, Chemtech Plastics, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $2,082,855
Because the loan received by Chemtech Plastics, 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 - Chemtech Plastics, Inc in Elgin, IL

Chemtech Plastics, Inc
765 Church Road
Elgin, IL 60123

Business Industry:
All Other Plastics Product Manufacturing
NAICS code 326199

Business Owner Demographics

Race: Unreported

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Kane County, IL — SBA Office 0507 — Congressional District: IL-06

Similar Companies near Elgin

In the Elgin area, 11 businesses in the "All Other Plastics Product Manufacturing" industry received a PPP loan. These local businesses reported an average of 87 employees (compared to this company's 186) and received an average PPP loan of $926,417 (compared to this company's $2.08M).

Industry PPP Comparison Statistics

Nationwide, 5,013 businesses in the "All Other Plastics Product Manufacturing" industry received a total of $1.67B 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 34 employees, 82% lower than Chemtech Plastics, Inc's reported 186 employees, and received an average PPP loan of $333,733, 84% lower than this company's loan of $2.08M.

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.

Search FederalPay's Full PPP Loan Database

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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/chemtech-plastics-inc-elgin-il