PPP Loan Data — Flexible Steel Lacing Company, Downers Grove, IL
Flexible Steel Lacing Company
Location: Downers Grove, ILTweet This • Search All PPP Data
Flexible Steel Lacing Company is a corporation located at 2525 Wisconsin Ave. in Downers Grove, Illinois that received a Coronavirus-related PPP loan from the SBA of $9,999,300.00 in April, 2020.
$ PPP Loan Information
Lender:AMERICAN COMMUNITY BANK & TRUST
Flexible Steel Lacing Company in Downers Grove, IL received a Paycheck Protection Loan of $10M through AMERICAN COMMUNITY BANK & TRUST, which was approved in April, 2020.
The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 458 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.
2019 Payroll Estimations based On PPP Amount:
Assuming all employees were paid over the $100k eligibility cap, the minimum number of employees this company must have had in 2019 to qualify for the loan range received is 480.
Based on standard PPP eligibility rules, Flexible Steel Lacing Company's total 2019 payroll expenses were approximately $48M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.
Because the 458 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Business Information - Flexible Steel Lacing Company in Downers Grove, IL
2525 Wisconsin Ave.
Downers Grove, IL 60515
Iron and Steel Pipe and Tube Manufacturing from Purchased Steel (NAICS code 331210)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: IL-11
Industry PPP Comparison Statistics
Nationwide, 804 businesses in the "Iron and Steel Pipe and Tube Manufacturing from Purchased Steel" industry received a total of $294,504,645.00 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 27 employees, 94% lower than Flexible Steel Lacing Company's reported 458 employees, and received an average PPP loan of $366,299, 96% lower than this company's loan of $10M.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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