PPP Loan Data — Gomez Medical Group, Elgin, IL
Gomez Medical Group
Location: Elgin, ILTweet This • Search All PPP Data
Gomez Medical Group is a corporation located at 1600 Randall Rd N in Elgin, Illinois that received a Coronavirus-related PPP loan from the SBA of $25,002.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:U.S. Bank, National Association
Gomez Medical Group in Elgin, IL received a Paycheck Protection Loan of $25,002 through U.S. Bank, National Association, which was approved in May, 2020.
This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in March, 2021.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
Understanding Payroll Estimates Based On PPP Amount
Based on the standard PPP eligibility formula, it may be possible to estimate the payroll expenses represented by a company on their PPP application (see details above). In order to qualify for the PPP loan amount received, Gomez Medical Group's 2019 payroll expenses are estimated to be at least $120,010.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $40,003 per employee1
Reported PPP Proceed Usage:
On the PPP application, Gomez Medical Group reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,002
Business Information - Gomez Medical Group in Elgin, IL
1600 Randall Rd N
Elgin, IL 60123
All Other Miscellaneous Ambulatory Health Care Services
NAICS code 621999
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Elgin
In the Elgin area, 5 businesses in the "All Other Miscellaneous Ambulatory Health Care Services" industry received a PPP loan. These local businesses reported an average of 3 employees (compared to this company's 3) and received an average PPP loan of $19,739 (compared to this company's $25,002).
Similar Nearby Businesses Who Received PPP Funding:
Wellness 365 LLC
Harmony Healthcare Inc
Alternative Teaching Inc
Premier Women's Health Assoc., SC
Industry PPP Comparison Statistics
Nationwide, 18,626 businesses in the "All Other Miscellaneous Ambulatory Health Care Services" industry received a total of $1.65B in PPP loans. This industry in total received less than 1% of the total PPP funding distributed.
PPP recipients in this industry report an average of 12 employees, 300% higher than Gomez Medical Group's reported 3 employees, and received an average PPP loan of $88,620, 254% higher than this company's loan of $25,002.
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