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PPP Loan Data — Hertzberg New-Method, Inc., South Jacksonville, IL

SBA PPP loan data, payroll data, and salaries for Hertzberg New-Method, Inc.
IL

Hertzberg New-Method, Inc.

Entity: Subchapter S Corporation

Industry: Leather and Hide Tanning and Finishing

Location: South Jacksonville, IL

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Hertzberg New-Method, Inc. is a subchapter s corporation located at 617 E. Vandalia Rd in South Jacksonville, Illinois that received a Coronavirus-related PPP loan from the SBA of $3,030,200.00 in April, 2020.

The company has reported itself as a White male owned business, and employed at least 333 people during the applicable loan loan period.

$ PPP Loan Information

Loan Size:

$3.03M

Jobs Retained:

333

Loan Approved:

2020-04-07

Lender:

BANK OF SPRINGFIELD

Hertzberg New-Method, Inc. in South Jacksonville, IL received a Paycheck Protection Loan of $3.03M through BANK OF SPRINGFIELD, which was approved in April, 2020.

Based on standard PPP eligibility rules, Hertzberg New-Method, Inc.'s total 2019 payroll expenses were approximately $14.54M in order to qualify for the PPP loan amount received.

Based on their reported 333 jobs retained, this equals an estimated average yearly compensation of $43,679 per employee1.

Because the loan received by Hertzberg New-Method, 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 - Hertzberg New-Method, Inc. in South Jacksonville, IL

Hertzberg New-Method, Inc.
617 E. Vandalia Rd
South Jacksonville, IL 62650

Business Industry

Leather and Hide Tanning and Finishing (NAICS code 316110)

Business Owner Demographics

Race / Ethnicity: WHITE

Gender: MALE OWNED

Veteran Status: NON-VETERAN

Congressional District: IL-18

Industry PPP Comparison Statistics

Nationwide, 229 businesses in the "Leather and Hide Tanning and Finishing" industry received a total of $39,881,176.00 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, 95% lower than Hertzberg New-Method, Inc.'s reported 333 employees, and received an average PPP loan of $174,154, 94% lower than this company's loan of $3.03M.

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.


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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/hertzberg-new-method-inc-south-jacksonville-il