PPP Loan Data — Ingersoll Machine Tool, Inc, Rockford, IL
Ingersoll Machine Tool, Inc is a corporation located at 707 Fulton Ave in Rockford, Illinois that received a Coronavirus-related PPP loan from the SBA of $2,155,200.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Ingersoll Machine Tool, Inc in Rockford, IL received a Paycheck Protection Loan of $2.16M through Comerica Bank, which was approved in April, 2020.
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, Ingersoll Machine Tool, Inc's 2019 payroll expenses are estimated to be at least $10.34M.
Based on their reported 173 jobs retained, this equals an estimated average yearly compensation of $59,797 per employee1
Reported PPP Proceed Usage:
On the PPP application, Ingersoll Machine Tool, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,724,184
- Mortgage Interest: $431,016
Business Information - Ingersoll Machine Tool, Inc in Rockford, IL
707 Fulton Ave
Rockford, IL 61103
Machine Tool Manufacturing
NAICS code 333517
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Rockford
In the Rockford area, 6 businesses in the "Machine Tool Manufacturing" industry received a PPP loan. These local businesses reported an average of 41 employees (compared to this company's 173) and received an average PPP loan of $525,754 (compared to this company's $2.16M).
Similar Nearby Businesses Who Received PPP Funding:
PG Engineered Control Solutions Inc
Imperial Punch & MFG Inc
Valley Innovative Products Inc
Target Laser & Machining Inc
Industry PPP Comparison Statistics
Nationwide, 2,977 businesses in the "Machine Tool Manufacturing" industry received a total of $619M 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 17 employees, 90% lower than Ingersoll Machine Tool, Inc's reported 173 employees, and received an average PPP loan of $207,928, 90% lower than this company's loan of $2.16M.
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Footnotes & Information
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