PPP Loan Data — LS Contracting Group Inc, Chicago, IL
LS Contracting Group Inc
Location: Chicago, ILTweet This • Search All PPP Data
LS Contracting Group Inc is a corporation located at 5660 N Elston Ave in Chicago, Illinois that received a Coronavirus-related PPP loan from the SBA of $1,803,117.00 in January, 2021.
The company has reported itself as a male owned business, and employed at least 67 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Village Bank and Trust, National Association
LS Contracting Group Inc in Chicago, IL received a Paycheck Protection Loan of $1.8M through Village Bank and Trust, National Association, which was approved in January, 2021.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 87. 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, LS Contracting Group Inc's 2019 payroll expenses are estimated to be at least $8.65M (not accounting for salary amounts > $100k).
Because the 67 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, LS Contracting Group Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,803,117
Business Information - LS Contracting Group Inc in Chicago, IL
5660 N Elston Ave
Chicago, IL 60646
Commercial and Institutional Building Construction
NAICS code 236220
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Chicago
In the Chicago area, 37 businesses in the "Commercial and Institutional Building Construction" industry received a PPP loan. These local businesses reported an average of 7 employees (compared to this company's 67) and received an average PPP loan of $118,213 (compared to this company's $1.8M).
Similar Nearby Businesses Who Received PPP Funding:
AZ4 Construction Inc
Conrad Construction LLC
O'hara Construction Inc
Industry PPP Comparison Statistics
Nationwide, 78,873 businesses in the "Commercial and Institutional Building Construction" industry received a total of $12.41B 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, 82% lower than LS Contracting Group Inc's reported 67 employees, and received an average PPP loan of $157,325, 91% lower than this company's loan of $1.8M.
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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