PPP Loan Data — Preston Industries,Inc, Niles, IL
Location: Niles, ILTweet This • Search All PPP Data
Preston Industries,Inc is a corporation located at 6600 W Touhy in Niles, Illinois that received a Coronavirus-related PPP loan from the SBA of $2,223,350.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Wintrust Bank, National Association
Preston Industries,Inc in Niles, IL received a Paycheck Protection Loan of $2.22M through Wintrust Bank, 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, Preston Industries,Inc's 2019 payroll expenses are estimated to be at least $10.67M.
Based on their reported 174 jobs retained, this equals an estimated average yearly compensation of $61,334 per employee1
Reported PPP Proceed Usage:
On the PPP application, Preston Industries,Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,667,513
- Utilities: $277,919
- Rent: $277,919
Business Information - Preston Industries,Inc in Niles, IL
6600 W Touhy
Niles, IL 60714
Other Measuring and Controlling Device Manufacturing
NAICS code 334519
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 1,070 businesses in the "Other Measuring and Controlling Device Manufacturing" industry received a total of $254.04M 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 17 employees, 90% lower than Preston Industries,Inc's reported 174 employees, and received an average PPP loan of $237,417, 89% lower than this company's loan of $2.22M.
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Footnotes & Information
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