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PPP Loan Data — Gateway Industrial Power, Inc., Collinsville, IL

SBA PPP loan data, payroll data, and salaries for Gateway Industrial Power, Inc.
IL

Gateway Industrial Power, Inc.

Entity: Corporation

Industry: Automobile and Other Motor Vehicle Merchant Wholesalers

Location: Collinsville, IL

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Gateway Industrial Power, Inc. is a corporation located at 921 Fournie Lane in Collinsville, Illinois that received a Coronavirus-related PPP loan from the SBA of $2,934,200.00 in April, 2020.

The company has reported itself as a male owned business, and employed at least 50 people during the applicable loan loan period.

$ PPP Loan Information

Loan Size:

$2.93M
Likely Employment Reduction3

Jobs Retained:

50

Loan Approved:

2020-04-06

Lender:

COMMERCE BANK

Gateway Industrial Power, Inc. in Collinsville, IL received a Paycheck Protection Loan of $2.93M through COMMERCE BANK, 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 50 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 141.

Based on standard PPP eligibility rules, Gateway Industrial Power, Inc.'s total 2019 payroll expenses were approximately $14.08M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.

Because the 50 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.

Because the loan received by Gateway Industrial Power, Inc. 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 - Gateway Industrial Power, Inc. in Collinsville, IL

Gateway Industrial Power, Inc.
921 Fournie Lane
Collinsville, IL 62234

Business Industry

Automobile and Other Motor Vehicle Merchant Wholesalers (NAICS code 423110)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: MALE OWNED

Veteran Status: NON-VETERAN

Congressional District: IL-13

Industry PPP Comparison Statistics

Nationwide, 4,037 businesses in the "Automobile and Other Motor Vehicle Merchant Wholesalers" industry received a total of $746,857,572.00 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 15 employees, 70% lower than Gateway Industrial Power, Inc.'s reported 50 employees, and received an average PPP loan of $185,003, 94% lower than this company's loan of $2.93M.

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.

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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.

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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/gateway-industrial-power-inc-collinsville-il