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PPP Loan Data — Lapham-Hickey Steel Corp., Chicago, IL

SBA PPP loan data, payroll data, and salaries for Lapham-Hickey Steel Corp.
IL

Lapham-Hickey Steel Corp.

Entity: Corporation

Industry: Metal Service Centers and Other Metal Merchant Wholesalers

Location: Chicago, IL

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Lapham-Hickey Steel Corp. is a corporation located at 5500 West 73rd Street in Chicago, Illinois that received a Coronavirus-related PPP loan from the SBA of $6,680,000.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$6.68M

Jobs Retained:

500

Loan Approved:

2020-04-27

Lender:

WHEATON BANK & TRUST COMPANY, NATIONAL ASSOCIATION

Lapham-Hickey Steel Corp. received a Paycheck Protection Loan of $6.68M through WHEATON BANK & TRUST COMPANY, NATIONAL ASSOCIATION, which was approved in April, 2020.

Based on standard PPP eligibility rules, Lapham-Hickey Steel Corp.'s total 2019 payroll expenses were approximately $32.06M in order to qualify for the PPP loan amount received.

Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $64,128 per employee1.

Because the loan received by Lapham-Hickey Steel Corp. 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 - Lapham-Hickey Steel Corp. in Chicago, IL

Lapham-Hickey Steel Corp.
5500 West 73rd Street
Chicago, IL 60638

Business Industry

Metal Service Centers and Other Metal Merchant Wholesalers (NAICS code 423510)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: IL-03

Similar Companies near Chicago

In the Chicago area, 7 businesses in the "Metal Service Centers and Other Metal Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 97 employees (compared to this company's 500) and received an average PPP loan of $1,361,016 (compared to this company's $6.68M).

Industry PPP Comparison Statistics

Nationwide, 2,691 businesses in the "Metal Service Centers and Other Metal Merchant Wholesalers" industry received a total of $697,432,843.00 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 18 employees, 96% lower than Lapham-Hickey Steel Corp.'s reported 500 employees, and received an average PPP loan of $259,172, 96% lower than this company's loan of $6.68M.

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.

Search FederalPay's Full PPP Loan Database

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/lapham-hickey-steel-corp-chicago-il