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PPP Loan Data — Imperial Woodworking Company, Palatine, IL

ALERT: There are 2 PPP loans for a total of $4.23M in our database for businesses with the name "Imperial Woodworking Company" in Palatine, IL. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Imperial Woodworking Company
IL

Imperial Woodworking Company

Entity: Subchapter S Corporation

Industry: Other Millwork (including Flooring)

Location: Palatine, IL

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Imperial Woodworking Company is a subchapter s corporation located at 310 N Woodwork Ln in Palatine, Illinois that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in February, 2021.

$ PPP Loan Information
Loan #1006668507

Loan Size:

$2M

Jobs Retained:

75

Loan Approved:

2021-02-18

Loan Status:

Ongoing Loan

Lender:

Cornerstone National Bank & Trust Company
Likely Employment Reduction3

Imperial Woodworking Company in Palatine, IL received a Paycheck Protection Loan of $2M through Cornerstone National Bank & Trust Company, which was approved in February, 2021.

This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.

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 75 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.

The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 96. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

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, Imperial Woodworking Company's 2019 payroll expenses are estimated to be at least $9.6M (not accounting for salary amounts > $100k).

Because the 75 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.

Reported PPP Proceed Usage:

On the PPP application, Imperial Woodworking Company reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $2,000,000
Because the loan received by Imperial Woodworking Company 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 - Imperial Woodworking Company in Palatine, IL

Imperial Woodworking Company
310 N Woodwork Ln
Palatine, IL 60067

Business Industry:
Other Millwork (including Flooring)
NAICS code 321918

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Cook County, IL — SBA Office 0507 — Congressional District: IL-06

Industry PPP Comparison Statistics

Nationwide, 2,020 businesses in the "Other Millwork (including Flooring)" industry received a total of $292.16M 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 15 employees, 80% lower than Imperial Woodworking Company's reported 75 employees, and received an average PPP loan of $144,634, 93% lower than this company's loan of $2M.

SBA PPP loan data, payroll data, and salaries for Imperial Woodworking Company
IL

Imperial Woodworking Company

Entity: Subchapter S Corporation

Industry: Custom Architectural Woodwork and Millwork Manufacturing

Location: Palatine, IL

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Imperial Woodworking Company is a subchapter s corporation located at 310 N. Woodwork Ln. in Palatine, Illinois that received a Coronavirus-related PPP loan from the SBA of $2,230,595.00 in April, 2020.

$ PPP Loan Information
Loan #2913437107

Loan Size:

$2.23M

Jobs Retained:

96

Loan Approved:

2020-04-11

Loan Status:

Ongoing Loan

Lender:

Hometown National Bank
Likely Employment Reduction3

Imperial Woodworking Company in Palatine, IL received a Paycheck Protection Loan of $2.23M through Hometown National Bank, which was approved in April, 2020.

This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.

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 96 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.

The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 107. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

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, Imperial Woodworking Company's 2019 payroll expenses are estimated to be at least $10.71M (not accounting for salary amounts > $100k).

Because the 96 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.

Reported PPP Proceed Usage:

On the PPP application, Imperial Woodworking Company reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $2,230,595
Because the loan received by Imperial Woodworking Company 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 - Imperial Woodworking Company in Palatine, IL

Imperial Woodworking Company
310 N. Woodwork Ln.
Palatine, IL 60067

Business Industry:
Custom Architectural Woodwork and Millwork Manufacturing
NAICS code 337212

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Cook County, IL — SBA Office 0507 — Congressional District: IL-06

Similar Companies near Palatine

In the Palatine area, 3 businesses in the "Custom Architectural Woodwork and Millwork Manufacturing" industry received a PPP loan. These local businesses reported an average of 36 employees (compared to this company's 96) and received an average PPP loan of $800,194 (compared to this company's $2.23M).

Similar Nearby Businesses Who Received PPP Funding:

Imperial Woodworking Enterprises, Inc
Palatine, IL

$84,993 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 3,709 businesses in the "Custom Architectural Woodwork and Millwork Manufacturing" industry received a total of $515.21M 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 Imperial Woodworking Company's reported 96 employees, and received an average PPP loan of $138,909, 94% lower than this company's loan of $2.23M.

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, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.

Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. Estimations for informational purposes only. 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/imperial-woodworking-company-palatine-il