PPP Loan Data — Innovative Minimally Invasive Imaging & Therapeutics Inc, Medinah, IL
Innovative Minimally Invasive Imaging & Therapeutics Inc is a corporation located at 22w021 Thorndale Ave in Medinah, Illinois that received a Coronavirus-related PPP loan from the SBA of $2,211,581.00 in May, 2020.
The company has reported itself as an Asian male owned business, and employed at least 25 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Bank of America, National Association
Innovative Minimally Invasive Imaging & Therapeutics Inc in Medinah, IL received a Paycheck Protection Loan of $2.21M through Bank of America, National Association, which was approved in May, 2020.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 106. 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
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, Innovative Minimally Invasive Imaging & Therapeutics Inc's 2019 payroll expenses are estimated to be at least $10.62M (not accounting for salary amounts > $100k).
Because the 25 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, Innovative Minimally Invasive Imaging & Therapeutics Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,211,581
Business Information - Innovative Minimally Invasive Imaging & Therapeutics Inc in Medinah, IL
22w021 Thorndale Ave
Medinah, IL 60157
Offices of Physicians, Mental Health Specialists
NAICS code 621112
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 21,049 businesses in the "Offices of Physicians, Mental Health Specialists" industry received a total of $1.68B 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 8 employees, 68% lower than Innovative Minimally Invasive Imaging & Therapeutics Inc's reported 25 employees, and received an average PPP loan of $80,024, 96% lower than this company's loan of $2.21M.
FederalPay's PPP Information Policy
Footnotes & Information
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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