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PPP Loan Data — Farnsworth Group, Inc,
Bloomington, IL
Farnsworth Group, Inc
Entity: Corporation
Industry: Engineering Services
Location: Bloomington, IL
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Farnsworth Group, Inc is a corporation located at 2709 Mcgraw Drive in Bloomington, Illinois that received a Coronavirus-related PPP loan from the SBA of $9,151,700.00 in April, 2020.
$ PPP Loan Information
Loan Size:
Jobs Retained:
490Loan Approved:
2020-04-09Lender:
COMMERCE BANKFarnsworth Group, Inc in Bloomington, IL received a Paycheck Protection Loan of $9.15M through COMMERCE BANK, which was approved in April, 2020.
Based on standard PPP eligibility rules, Farnsworth Group, Inc's total 2019 payroll expenses were approximately $43.93M in order to qualify for the PPP loan amount received.
Based on their reported 490 jobs retained, this equals an estimated average yearly compensation of $89,649 per employee1.
Business Information - Farnsworth Group, Inc in Bloomington, IL
2709 Mcgraw Drive
Bloomington, IL 61704
Business Industry
Engineering Services (NAICS code 541330)
Business Owner Demographics
Race / Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Congressional District: IL-18Similar Companies near Bloomington
In the Bloomington area, 2 businesses in the "Engineering Services" industry received a PPP loan. These local businesses reported an average of 246 employees (compared to this company's 490) and received an average PPP loan of $4,577,900 (compared to this company's $9.15M).
Similar Nearby Businesses Who Received PPP Funding:
TLR Associates
Bloomington, IL
Industry PPP Comparison Statistics
Nationwide, 28,113 businesses in the "Engineering Services" industry received a total of $7,024,215,141.00 in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 14 employees, 97% lower than Farnsworth Group, Inc's reported 490 employees, and received an average PPP loan of $249,856, 97% lower than this company's loan of $9.15M.
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, and is published unmodified, as provided by the SBA.
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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