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PPP Loan Data — Gold Eagle Co, Chicago, IL

SBA PPP loan data, payroll data, and salaries for Gold Eagle Co
IL

Gold Eagle Co

Entity: Corporation

Industry: Motor Vehicle Supplies and New Parts Merchant Wholesalers

Location: Chicago, IL

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Gold Eagle Co is a corporation located at 4400 S Kildare Ave in Chicago, Illinois that received a Coronavirus-related PPP loan from the SBA of $3,554,065.00 in May, 2020.

$ PPP Loan Information

Loan Size:

$3.55M
Likely Employment Reduction3

Jobs Retained:

163

Loan Approved:

2020-05-01

Lender:

BANK OF AMERICA, NATIONAL ASSOCIATION

Gold Eagle Co in Chicago, IL received a Paycheck Protection Loan of $3.55M through BANK OF AMERICA, NATIONAL ASSOCIATION, which was approved in May, 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 163 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 171.

Based on standard PPP eligibility rules, Gold Eagle Co's total 2019 payroll expenses were approximately $17.06M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.

Because the 163 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.

Because the loan received by Gold Eagle Co 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 - Gold Eagle Co in Chicago, IL

Gold Eagle Co
4400 S Kildare Ave
Chicago, IL 60632

Business Industry

Motor Vehicle Supplies and New Parts Merchant Wholesalers (NAICS code 423120)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: IL-04

Similar Companies near Chicago

In the Chicago area, 5 businesses in the "Motor Vehicle Supplies and New Parts Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 65 employees (compared to this company's 163) and received an average PPP loan of $1,092,795 (compared to this company's $3.55M).

Industry PPP Comparison Statistics

Nationwide, 4,042 businesses in the "Motor Vehicle Supplies and New Parts Merchant Wholesalers" industry received a total of $644,135,263.00 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 13 employees, 92% lower than Gold Eagle Co's reported 163 employees, and received an average PPP loan of $159,361, 96% lower than this company's loan of $3.55M.

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.

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.

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/gold-eagle-co-chicago-il