PPP Loan Data — Motor Parts & Equipment Corporation, Rockford, IL
Motor Parts & Equipment Corporation is a corporation located at 1670 Northrock Court in Rockford, Illinois that received a Coronavirus-related PPP loan from the SBA of $3,602,300.00 in April, 2020.
$ PPP Loan Information Loan #7440407002
Loan Status:Ongoing Loan
Lender:Wheaton Bank & Trust Company, National Association
Motor Parts & Equipment Corporation in Rockford, IL received a Paycheck Protection Loan of $3.6M through Wheaton Bank & Trust Company, National Association, which was approved in April, 2020.
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, Motor Parts & Equipment Corporation's 2019 payroll expenses are estimated to be at least $17.29M.
Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $34,582 per employee1
Reported PPP Proceed Usage:
On the PPP application, Motor Parts & Equipment Corporation reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,701,725
- Utilities: $360,230
- Rent: $540,345
Business Information - Motor Parts & Equipment Corporation in Rockford, IL
1670 Northrock Court
Rockford, IL 61103
Automotive Parts and Accessories Stores
NAICS code 441310
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Rockford
In the Rockford area, 6 businesses in the "Automotive Parts and Accessories Stores" industry received a PPP loan. These local businesses reported an average of 89 employees (compared to this company's 500) and received an average PPP loan of $635,888 (compared to this company's $3.6M).
Similar Nearby Businesses Who Received PPP Funding:
Auto Enhancers, Inc
Carlettos Auto Parts Inc
Bilderback Auto Parts Inc
Machesney Park, IL
Rockford Auto Parts, Inc
Industry PPP Comparison Statistics
Nationwide, 16,129 businesses in the "Automotive Parts and Accessories Stores" industry received a total of $1,156,692,886.00 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 9 employees, 98% lower than Motor Parts & Equipment Corporation's reported 500 employees, and received an average PPP loan of $71,715, 98% lower than this company's loan of $3.6M.
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Footnotes & Information
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