PPP Loan Data — Harger, Inc, Grayslake, IL
Harger, Inc is a corporation located at 301 Ziegler Dr in Grayslake, Illinois that received a Coronavirus-related PPP loan from the SBA of $1,559,903.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:State Bank of the Lakes, National Association
Harger, Inc in Grayslake, IL received a Paycheck Protection Loan of $1.56M through State Bank of the Lakes, National Association, which was approved in April, 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 June, 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, Harger, Inc's 2019 payroll expenses are estimated to be at least $7.49M.
Based on their reported 96 jobs retained, this equals an estimated average yearly compensation of $77,995 per employee1
Reported PPP Proceed Usage:
On the PPP application, Harger, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,169,928
- Utilities: $389,975
Business Information - Harger, Inc in Grayslake, IL
301 Ziegler Dr
Grayslake, IL 60030
All Other Miscellaneous Manufacturing
NAICS code 339999
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Grayslake
In the Grayslake area, 6 businesses in the "All Other Miscellaneous Manufacturing" industry received a PPP loan. These local businesses reported an average of 21 employees (compared to this company's 96) and received an average PPP loan of $333,072 (compared to this company's $1.56M).
Similar Nearby Businesses Who Received PPP Funding:
Cleveland Folder Service Co
Engineered Mills Inc
Liberty Classics Inc
Models Plus Inc
Industry PPP Comparison Statistics
Nationwide, 17,359 businesses in the "All Other Miscellaneous Manufacturing" industry received a total of $2.06B 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, 88% lower than Harger, Inc's reported 96 employees, and received an average PPP loan of $118,586, 92% lower than this company's loan of $1.56M.
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Footnotes & Information
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