PPP Loan Data — Sievert Electric Service & Sales Co Inc, Forest Park, IL
Sievert Electric Service & Sales Co Inc
Entity: Subchapter S Corporation
Location: Forest Park, ILTweet This • Search All PPP Data
Sievert Electric Service & Sales Co Inc is a subchapter s corporation located at 1230 Hannah Ave 0.0 in Forest Park, Illinois that received a Coronavirus-related PPP loan from the SBA of $1,925,810.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:JPMorgan Chase Bank, National Association
Sievert Electric Service & Sales Co Inc in Forest Park, IL received a Paycheck Protection Loan of $1.93M 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 92. 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, Sievert Electric Service & Sales Co Inc's 2019 payroll expenses are estimated to be at least $9.24M (not accounting for salary amounts > $100k).
Because the 75 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, Sievert Electric Service & Sales Co Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,628,810
- Utilities: $7,000
- Rent: $40,000
- Health Care: $250,000
Business Information - Sievert Electric Service & Sales Co Inc in Forest Park, IL
1230 Hannah Ave 0.0
Forest Park, IL 60130
Overhead Traveling Crane, Hoist, and Monorail System Manufacturing
NAICS code 333923
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, 472 businesses in the "Overhead Traveling Crane, Hoist, and Monorail System Manufacturing" industry received a total of $167.01M 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 25 employees, 67% lower than Sievert Electric Service & Sales Co Inc's reported 75 employees, and received an average PPP loan of $353,836, 82% lower than this company's loan of $1.93M.
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.
Have FederalPay.org's open data tools been valuable? Consider donating!