PPP Loan Data — Meiborg Companies, Inc, Rockford, IL
Meiborg Companies, Inc is a subchapter s corporation located at 3814 11th Street in Rockford, Illinois that received a Coronavirus-related PPP loan from the SBA of $1,984,059.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least 165 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:The Huntington National Bank
Meiborg Companies, Inc in Rockford, IL received a Paycheck Protection Loan of $1.98M through The Huntington National Bank, 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 April, 2021.
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, Meiborg Companies, Inc's 2019 payroll expenses are estimated to be at least $9.52M.
Based on their reported 165 jobs retained, this equals an estimated average yearly compensation of $57,718 per employee1
Reported PPP Proceed Usage:
On the PPP application, Meiborg Companies, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,984,059
Business Information - Meiborg Companies, Inc in Rockford, IL
3814 11th Street
Rockford, IL 61109
General Freight Trucking, Local
NAICS code 484110
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 Rockford
In the Rockford area, 30 businesses in the "General Freight Trucking, Local" industry received a PPP loan. These local businesses reported an average of 9 employees (compared to this company's 165) and received an average PPP loan of $107,764 (compared to this company's $1.98M).
Similar Nearby Businesses Who Received PPP Funding:
Harp's Transport LLC
Up & Down Transportation
CCG Trucking, Inc
R.a. Seaton Contractor Services, LLC
Industry PPP Comparison Statistics
Nationwide, 175,867 businesses in the "General Freight Trucking, Local" industry received a total of $6.6B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 4 employees, 98% lower than Meiborg Companies, Inc's reported 165 employees, and received an average PPP loan of $37,520, 98% lower than this company's loan of $1.98M.
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Footnotes & Information
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