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PPP Loan Data — Chicago Painting Inc, Las Vegas, NV

SBA PPP loan data, payroll data, and salaries for Chicago Painting Inc
NV

Chicago Painting Inc

Entity: Subchapter S Corporation

Industry: Painting and Wall Covering Contractors

Location: Las Vegas, NV

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Chicago Painting Inc is a subchapter s corporation located at 4343 Polaris Ave in Las Vegas, Nevada that received a Coronavirus-related PPP loan from the SBA of $4,399,754.00 in May, 2020.

The company has reported itself as a male owned business, and employed at least 442 people during the applicable loan loan period.

$ PPP Loan Information
Loan #5030537701

Loan Size:

$4.4M

Jobs Retained:

442

Loan Approved:

2020-05-03

Loan Status:

Paid in Full or Forgiven

Lender:

Bank of America, National Association

Chicago Painting Inc in Las Vegas, NV received a Paycheck Protection Loan of $4.4M through Bank of America, National Association, which was approved in May, 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 September, 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, Chicago Painting Inc's 2019 payroll expenses are estimated to be at least $21.12M.

Based on their reported 442 jobs retained, this equals an estimated average yearly compensation of $47,780 per employee1

Reported PPP Proceed Usage:

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

  • Payroll: $4,399,754
Because the loan received by Chicago Painting 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 - Chicago Painting Inc in Las Vegas, NV

Chicago Painting Inc
4343 Polaris Ave
Las Vegas, NV 89103

Business Industry:
Painting and Wall Covering Contractors
NAICS code 238320

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Male Owned

Veteran Status: Unreported

Business Demographics

Business Age: New Business or 2 years or less

LMI Zone: Y

HUBZone: N

Rural / Urban: Urban

Clark County, NV — SBA Office 0944 — Congressional District: NV-01

Similar Companies near Las Vegas

In the Las Vegas area, 13 businesses in the "Painting and Wall Covering Contractors" industry received a PPP loan. These local businesses reported an average of 50 employees (compared to this company's 442) and received an average PPP loan of $471,781 (compared to this company's $4.4M).

Industry PPP Comparison Statistics

Nationwide, 49,262 businesses in the "Painting and Wall Covering Contractors" industry received a total of $2.44B 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 5 employees, 99% lower than Chicago Painting Inc's reported 442 employees, and received an average PPP loan of $49,448, 99% lower than this company's loan of $4.4M.

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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Source: www.federalpay.org/paycheck-protection-program/chicago-painting-inc-las-vegas-nv