PPP Loan Data — Rockford Toolcraft, Inc, Rockford, IL
Rockford Toolcraft, Inc
Entity: Subchapter S Corporation
Location: Rockford, ILTweet This • Search All PPP Data
Rockford Toolcraft, Inc is a subchapter s corporation located at 766 Research Parkway in Rockford, Illinois that received a Coronavirus-related PPP loan from the SBA of $4,445,000.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:BMO Harris Bank National Association
Rockford Toolcraft, Inc in Rockford, IL received a Paycheck Protection Loan of $4.45M through BMO Harris 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, Rockford Toolcraft, Inc's 2019 payroll expenses are estimated to be at least $21.34M.
Based on their reported 355 jobs retained, this equals an estimated average yearly compensation of $60,101 per employee1
Reported PPP Proceed Usage:
On the PPP application, Rockford Toolcraft, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $4,445,000
Business Information - Rockford Toolcraft, Inc in Rockford, IL
766 Research Parkway
Rockford, IL 61109
Metal Crown, Closure, and Other Metal Stamping (except Automotive)
NAICS code 332119
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Rockford
In the Rockford area, 4 businesses in the "Metal Crown, Closure, and Other Metal Stamping (except Automotive)" industry received a PPP loan. These local businesses reported an average of 100 employees (compared to this company's 355) and received an average PPP loan of $1,241,080 (compared to this company's $4.45M).
Similar Nearby Businesses Who Received PPP Funding:
Ultra Stamping & Assembly, Inc
Ultra Stamping & Assembly Inc
Action Tool & Manufacturing, Inc
Industry PPP Comparison Statistics
Nationwide, 990 businesses in the "Metal Crown, Closure, and Other Metal Stamping (except Automotive)" industry received a total of $427.77M 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 39 employees, 89% lower than Rockford Toolcraft, Inc's reported 355 employees, and received an average PPP loan of $432,093, 90% lower than this company's loan of $4.45M.
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Footnotes & Information
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