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PPP Loan Data — FAY Servicing, LLC,
Chicago, IL
FAY Servicing, LLC
Entity: Sole Proprietorship
Industry: Other Activities Related to Credit Intermediation
Location: Chicago, IL
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FAY Servicing, LLC is a sole proprietorship located at 425 Financial Pl in Chicago, Illinois that received a Coronavirus-related PPP loan from the SBA of $10,000,000.00 in April, 2020.
$ PPP Loan Information
Loan Size:
Jobs Retained:
500Loan Approved:
2020-04-28Lender:
IDAHO FIRST BANKFAY Servicing, LLC received a Paycheck Protection Loan of $10M through IDAHO FIRST BANK, which was approved in April, 2020.
Based on standard PPP eligibility rules, FAY Servicing, LLC's total 2019 payroll expenses were approximately $48M in order to qualify for the PPP loan amount received.
Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $96,000 per employee1.
Business Information - FAY Servicing, LLC in Chicago, IL
425 Financial Pl
Chicago, IL 60605
Business Industry
Other Activities Related to Credit Intermediation (NAICS code 522390)
Business Owner Demographics
Race / Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Congressional District: IL-07Similar Companies near Chicago
In the Chicago area, 7 businesses in the "Other Activities Related to Credit Intermediation" industry received a PPP loan. These local businesses reported an average of 147 employees (compared to this company's 500) and received an average PPP loan of $2,894,841 (compared to this company's $10M).
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141 West Jackson Boulevard Currency Exchange, Inc.
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Clark Street Capital Management, LLC
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Industry PPP Comparison Statistics
Nationwide, 1,870 businesses in the "Other Activities Related to Credit Intermediation" industry received a total of $193,934,041.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.
PPP recipients in this industry report an average of 9 employees, 98% lower than FAY Servicing, LLC's reported 500 employees, and received an average PPP loan of $103,708, 99% lower than this company's loan of $10M.
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.
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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