PPP Loan Data — Schultes Precision MFG Inc, Buffalo Grove, IL
Schultes Precision MFG Inc is a corporation located at 1250 Busch Pkwy in Buffalo Grove, Illinois that received a Coronavirus-related PPP loan from the SBA of $1,806,374.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 139 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:First American Bank
Schultes Precision MFG Inc in Buffalo Grove, IL received a Paycheck Protection Loan of $1.81M through First American Bank, which was approved in April, 2020.
This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in April, 2021.
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, Schultes Precision MFG Inc's 2019 payroll expenses are estimated to be at least $8.67M.
Based on their reported 139 jobs retained, this equals an estimated average yearly compensation of $62,378 per employee1
Reported PPP Proceed Usage:
On the PPP application, Schultes Precision MFG Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,806,374
Business Information - Schultes Precision MFG Inc in Buffalo Grove, IL
1250 Busch Pkwy
Buffalo Grove, IL 60089
NAICS code 332710
Business Owner Demographics
Gender: Male Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Buffalo Grove
In the Buffalo Grove area, 4 businesses in the "Machine Shops" industry received a PPP loan. These local businesses reported an average of 47 employees (compared to this company's 139) and received an average PPP loan of $515,312 (compared to this company's $1.81M).
Similar Nearby Businesses Who Received PPP Funding:
Buffalo Grove, IL
T & T Lovely Nails, LLC
Buffalo Grove, IL
Industry PPP Comparison Statistics
Nationwide, 16,572 businesses in the "Machine Shops" industry received a total of $2.92B 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 15 employees, 89% lower than Schultes Precision MFG Inc's reported 139 employees, and received an average PPP loan of $176,279, 90% lower than this company's loan of $1.81M.
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Footnotes & Information
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