PPP Loan Data — Europa Eye Wear Corp, Vernon Hills, IL
Europa Eye Wear Corp is a corporation located at 255 Corporate Woods Parkway in Vernon Hills, Illinois that received a Coronavirus-related PPP loan from the SBA of $2,135,700.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 145 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:BMO Harris Bank National Association
Europa Eye Wear Corp in Vernon Hills, IL received a Paycheck Protection Loan of $2.14M through BMO Harris Bank National Association, which was approved in April, 2020.
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, Europa Eye Wear Corp's 2019 payroll expenses are estimated to be at least $10.25M.
Based on their reported 145 jobs retained, this equals an estimated average yearly compensation of $70,699 per employee1
Reported PPP Proceed Usage:
On the PPP application, Europa Eye Wear Corp reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,135,700
Business Information - Europa Eye Wear Corp in Vernon Hills, IL
255 Corporate Woods Parkway
Vernon Hills, IL 60061
Ophthalmic Goods Manufacturing
NAICS code 339115
Business Owner Demographics
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Vernon Hills
In the Vernon Hills area, 2 businesses in the "Ophthalmic Goods Manufacturing" industry received a PPP loan. These local businesses reported an average of 102 employees (compared to this company's 145) and received an average PPP loan of $1,297,200 (compared to this company's $2.14M).
Similar Nearby Businesses Who Received PPP Funding:
Independent Eyewear Manufacturing LLC
Vernon Hills, IL
Industry PPP Comparison Statistics
Nationwide, 534 businesses in the "Ophthalmic Goods Manufacturing" industry received a total of $93.71M 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 17 employees, 88% lower than Europa Eye Wear Corp's reported 145 employees, and received an average PPP loan of $175,491, 92% lower than this company's loan of $2.14M.
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Footnotes & Information
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