PPP Loan Data — Progressive Carriers Co, Aurora, IL
Progressive Carriers Co
Location: Aurora, ILTweet This • Search All PPP Data
Progressive Carriers Co is a corporation located at 4255 Westbrook Dr Ste 219 in Aurora, Illinois that received a Coronavirus-related PPP loan from the SBA of $1,639,115.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Bank of America, National Association
Progressive Carriers Co in Aurora, IL received a Paycheck Protection Loan of $1.64M through Bank of America, National Association, which was approved in April, 2020.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 79. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
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, Progressive Carriers Co's 2019 payroll expenses are estimated to be at least $7.87M (not accounting for salary amounts > $100k).
Because the 65 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Reported PPP Proceed Usage:
On the PPP application, Progressive Carriers Co reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,639,115
Business Information - Progressive Carriers Co in Aurora, IL
4255 Westbrook Dr Ste 219
Aurora, IL 60504
Commercial Air, Rail, and Water Transportation Equipment Rental and Leasing
NAICS code 532411
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, 2,615 businesses in the "Commercial Air, Rail, and Water Transportation Equipment Rental and Leasing" industry received a total of $121.98M 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 4 employees, 94% lower than Progressive Carriers Co's reported 65 employees, and received an average PPP loan of $46,645, 97% lower than this company's loan of $1.64M.
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Footnotes & Information
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