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PPP Loan Data — Midwest School Of Welding And, Springfield, IL

SBA PPP loan data, payroll data, and salaries for Midwest School Of Welding And
IL

Midwest School Of Welding And

Entity: Corporation

Industry: Colleges, Universities, and Professional Schools

Location: Springfield, IL

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Midwest School Of Welding And is a corporation located at 2731 Farmers Market Rd in Springfield, Illinois that received a Coronavirus-related PPP loan from the SBA of $3,502,400.00 in April, 2020.

The company has reported itself as a White female owned business, and employed at least 320 people during the applicable loan loan period.

$ PPP Loan Information

Loan Size:

$3.5M

Jobs Retained:

320

Loan Approved:

2020-04-07

Lender:

BANK OF SPRINGFIELD

Midwest School Of Welding And in Springfield, IL received a Paycheck Protection Loan of $3.5M through BANK OF SPRINGFIELD, which was approved in April, 2020.

Based on standard PPP eligibility rules, Midwest School Of Welding And's total 2019 payroll expenses were approximately $16.81M in order to qualify for the PPP loan amount received.

Based on their reported 320 jobs retained, this equals an estimated average yearly compensation of $52,536 per employee1.

Because the loan received by Midwest School Of Welding And 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 - Midwest School Of Welding And in Springfield, IL

Midwest School Of Welding And
2731 Farmers Market Rd
Springfield, IL 62707

Business Industry

Colleges, Universities, and Professional Schools (NAICS code 611310)

Business Owner Demographics

Race / Ethnicity: WHITE

Gender: FEMALE OWNED

Veteran Status: NON-VETERAN

Congressional District: IL-18

Industry PPP Comparison Statistics

Nationwide, 2,077 businesses in the "Colleges, Universities, and Professional Schools" industry received a total of $1,723,864,433.00 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 86 employees, 73% lower than Midwest School Of Welding And's reported 320 employees, and received an average PPP loan of $829,978, 76% lower than this company's loan of $3.5M.

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, and is published unmodified, as provided by the SBA.

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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/midwest-school-of-welding-and-springfield-il