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PPP Loan Data — Medical Gear LLC, Rolling Meadows, IL

SBA PPP loan data, payroll data, and salaries for Medical Gear LLC
IL

Medical Gear LLC

Entity: Limited Liability Company (LLC)

Industry: Home Health Care Services

Location: Rolling Meadows, IL

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Medical Gear LLC is a limited liability company (LLC) located at 3501 Algonquin Road, Ste 560 in Rolling Meadows, Illinois that received a Coronavirus-related PPP loan from the SBA of $5,131,358.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$5.13M

Jobs Retained:

500

Loan Approved:

2020-04-27

Lender:

INTERNATIONAL BANK OF CHICAGO

Medical Gear LLC received a Paycheck Protection Loan of $5.13M through INTERNATIONAL BANK OF CHICAGO, which was approved in April, 2020.

Based on standard PPP eligibility rules, Medical Gear LLC's total 2019 payroll expenses were approximately $24.63M 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 $49,261 per employee1.

Because the loan received by Medical Gear LLC 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 - Medical Gear LLC in Rolling Meadows, IL

Medical Gear LLC
3501 Algonquin Road, Ste 560
Rolling Meadows, IL 60008

Business Industry

Home Health Care Services (NAICS code 621610)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: IL-08

Similar Companies near Rolling Meadows

In the Rolling Meadows area, 6 businesses in the "Home Health Care Services" industry received a PPP loan. These local businesses reported an average of 177 employees (compared to this company's 500) and received an average PPP loan of $1,150,604 (compared to this company's $5.13M).

Industry PPP Comparison Statistics

Nationwide, 25,078 businesses in the "Home Health Care Services" industry received a total of $5,322,458,293.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 1% of the total PPP funding allocated.

PPP recipients in this industry report an average of 34 employees, 93% lower than Medical Gear LLC's reported 500 employees, and received an average PPP loan of $212,236, 96% lower than this company's loan of $5.13M.

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/medical-gear-llc-rolling-meadows-il