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

Medical Gear LLC

Entity: Limited Liability Company (LLC)

Industry: Home Health Care Services

Location: Rolling Meadows, IL

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 #5006097210

Loan Size:

$5.13M

Jobs Retained:

500

Loan Approved:

2020-04-27

Loan Status:

Paid in Full or Forgiven

Lender:

International Bank of Chicago

Medical Gear LLC in Rolling Meadows, IL received a Paycheck Protection Loan of $5.13M through International Bank of Chicago, which was approved in April, 2020.

This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in June, 2021.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

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, Medical Gear LLC's 2019 payroll expenses are estimated to be at least $24.63M.

Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $49,261 per employee¹

Reported PPP Proceed Usage:

On the PPP application, Medical Gear LLC reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $5,131,358

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: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Cook County, IL — SBA Office 0507 — Congressional District: IL-08

Similar Companies near Rolling Meadows

In the Rolling Meadows area, 12 businesses in the "Home Health Care Services" industry received a PPP loan. These local businesses reported an average of 92 employees (compared to this company's 500) and received an average PPP loan of $600,305 (compared to this company's $5.13M).

Similar Nearby Businesses Who Received PPP Funding:

HCP Financial And Management Services LLC
Rolling Meadows, IL

$261,661 PPP Loan

Reliance Home Health Care, Inc
Rolling Meadows, IL

$107,518 PPP Loan

LKB Health Care LTD
Rolling Meadows, IL

$65,160 PPP Loan

Kyle Winkler
Rolling Meadows, IL

$19,933 PPP Loan

Teonna Green
Elk Grove Vlg, IL

$20,832 PPP Loan

Comfort Home Private Care LLC
Rolling Meadows, IL

$225,349 PPP Loan

Healthcare Plus Caregivers
Rolling Meadows, IL

$430,566 PPP Loan

Gustavo Camacho
Rolling Meadows, IL

$19,932 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 87,561 businesses in the "Home Health Care Services" industry received a total of $7.57B 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 16 employees, 97% lower than Medical Gear LLC's reported 500 employees, and received an average PPP loan of $86,411, 98% 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. FederalPay does not modify the data and makes no claims regarding its accuracy.

Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. Estimations for informational purposes only. 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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