PPP Loan Data — Norman Mechanical, Inc., Elgin, IL
Norman Mechanical, Inc.
Entity: Subchapter S Corporation
Location: Elgin, ILTweet This • Search All PPP Data
Norman Mechanical, Inc. is a subchapter s corporation located at 1201 Gateway Dr in Elgin, Illinois that received a Coronavirus-related PPP loan from the SBA of $3,163,300.00 in April, 2020.
$ PPP Loan Information
Lender:CORNERSTONE NATIONAL BANK & TRUST COMPANY
Norman Mechanical, Inc. received a Paycheck Protection Loan of $3.16M through CORNERSTONE NATIONAL BANK & TRUST COMPANY, which was approved in April, 2020.
The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 140 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.
2019 Payroll Estimations based On PPP Amount:
Assuming all employees were paid over the $100k eligibility cap, the minimum number of employees this company must have had in 2019 to qualify for the loan range received is 152.
Based on standard PPP eligibility rules, Norman Mechanical, Inc.'s total 2019 payroll expenses were approximately $15.18M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.
Because the 140 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Business Information - Norman Mechanical, Inc. in Elgin, IL
1201 Gateway Dr
Elgin, IL 60124
Plumbing, Heating, and Air-Conditioning Contractors (NAICS code 238220)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: IL-14
Similar Companies near Elgin
In the Elgin area, 25 businesses in the "Plumbing, Heating, and Air-Conditioning Contractors" industry received a PPP loan. These local businesses reported an average of 12 employees (compared to this company's 140) and received an average PPP loan of $314,341 (compared to this company's $3.16M).
Similar Nearby Businesses Who Received PPP Funding:
Value Pro Mechanical Inc
Plumbing Systems & Repair, Inc
All Suburban Emergency Plumbing, LTD
Joe Bero Plumbing, Inc
Accomplished Mechanical Industries, LTD
Climate Control Services LLC
Proline Mechanical Inc
Fellows Bros. Mechanical, Inc.
Industry PPP Comparison Statistics
Nationwide, 60,482 businesses in the "Plumbing, Heating, and Air-Conditioning Contractors" industry received a total of $9,373,583,135.00 in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 2% of the total PPP funding allocated.
PPP recipients in this industry report an average of 11 employees, 92% lower than Norman Mechanical, Inc.'s reported 140 employees, and received an average PPP loan of $154,981, 95% lower than this company's loan of $3.16M.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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