PPP Loan Data — R. Olson Construction Co. Contractors, Inc, Roselle, IL
R. Olson Construction Co. Contractors, Inc
Entity: Subchapter S Corporation
Location: Roselle, ILTweet This • Search All PPP Data
R. Olson Construction Co. Contractors, Inc is a subchapter s corporation located at 170 North Garden Ave in Roselle, Illinois that received a Coronavirus-related PPP loan from the SBA of $2,353,985.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:JPMorgan Chase Bank, National Association
R. Olson Construction Co. Contractors, Inc in Roselle, IL received a Paycheck Protection Loan of $2.35M through JPMorgan Chase Bank, 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 113. 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, R. Olson Construction Co. Contractors, Inc's 2019 payroll expenses are estimated to be at least $11.3M (not accounting for salary amounts > $100k).
Because the 80 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, R. Olson Construction Co. Contractors, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,242,737
- Health Care: $111,248
Business Information - R. Olson Construction Co. Contractors, Inc in Roselle, IL
170 North Garden Ave
Roselle, IL 60172
Poured Concrete Foundation and Structure Contractors
NAICS code 238110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Roselle
In the Roselle area, 6 businesses in the "Poured Concrete Foundation and Structure Contractors" industry received a PPP loan. These local businesses reported an average of 17 employees (compared to this company's 80) and received an average PPP loan of $418,520 (compared to this company's $2.35M).
Similar Nearby Businesses Who Received PPP Funding:
Lifo Construction Corp
Lifco Construction Corp
Dupage Concrete LLC
Dave Pate & Sons Construction LTD
Industry PPP Comparison Statistics
Nationwide, 21,801 businesses in the "Poured Concrete Foundation and Structure Contractors" industry received a total of $3.02B 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 13 employees, 84% lower than R. Olson Construction Co. Contractors, Inc's reported 80 employees, and received an average PPP loan of $138,620, 94% lower than this company's loan of $2.35M.
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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