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

PPP Loan Data — FAY Servicing, LLC, Chicago, IL

SBA PPP loan data, payroll data, and salaries for FAY Servicing, LLC
IL

FAY Servicing, LLC

Entity: Sole Proprietorship

Industry: Other Activities Related to Credit Intermediation

Location: Chicago, IL

Search All PPP Data

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:

$10M

Jobs Retained:

500

Loan Approved:

2020-04-28

Lender:

IDAHO FIRST BANK

FAY 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.

Because the loan received by FAY Servicing, LLC 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 - FAY Servicing, LLC in Chicago, IL

FAY Servicing, LLC
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-07

Similar 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).

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.

Search FederalPay's Full PPP Loan Database

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.


Have FederalPay.org's open data tools been valuable? Consider donating!

** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/fay-servicing-llc-chicago-il