PPP Loan Data — Optimus Prime Inc, Chicago, IL
Optimus Prime Inc is a corporation located at 7921 W Balmoral Ave in Chicago, Illinois that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in May, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Bank of America, National Association
Optimus Prime Inc in Chicago, IL received a Paycheck Protection Loan of $25,000 through Bank of America, National Association, which was approved in May, 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, Optimus Prime Inc's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $60,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Optimus Prime Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Optimus Prime Inc in Chicago, IL
7921 W Balmoral Ave
Chicago, IL 60656
Freight Transportation Arrangement
NAICS code 488510
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Chicago
In the Chicago area, 6 businesses in the "Freight Transportation Arrangement" industry received a PPP loan. These local businesses reported an average of 4 employees (compared to this company's 2) and received an average PPP loan of $29,896 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Armpet Transit Inc
JVS Trucking Inc
Interstate Freights LLC
Miletic Express Inc
Industry PPP Comparison Statistics
Nationwide, 26,171 businesses in the "Freight Transportation Arrangement" industry received a total of $1.88B 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 7 employees, 250% higher than Optimus Prime Inc's reported 2 employees, and received an average PPP loan of $72,001, 188% higher than this company's loan of $25,000.
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