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PPP Loan Data — Sipi Metals Corp, Chicago, IL

SBA PPP loan data, payroll data, and salaries for Sipi Metals Corp
IL

Sipi Metals Corp

Entity: Subchapter S Corporation

Industry: Nonferrous Metal (except Aluminum) Smelting and Refining

Location: Chicago, IL

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Sipi Metals Corp is a subchapter s corporation located at 1720 N. Elston Ave in Chicago, Illinois that received a Coronavirus-related PPP loan from the SBA of $2,580,500.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$2.58M

Jobs Retained:

219

Loan Approved:

2020-04-09

Lender:

BMO HARRIS BANK NATIONAL ASSOCIATION

Sipi Metals Corp received a Paycheck Protection Loan of $2.58M through BMO HARRIS BANK NATIONAL ASSOCIATION, which was approved in April, 2020.

Based on standard PPP eligibility rules, Sipi Metals Corp's total 2019 payroll expenses were approximately $12.39M in order to qualify for the PPP loan amount received.

Based on their reported 219 jobs retained, this equals an estimated average yearly compensation of $56,559 per employee1.

Because the loan received by Sipi Metals Corp is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Sipi Metals Corp in Chicago, IL

Sipi Metals Corp
1720 N. Elston Ave
Chicago, IL 60642

Business Industry

Nonferrous Metal (except Aluminum) Smelting and Refining (NAICS code 331410)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: IL-05

Industry PPP Comparison Statistics

Nationwide, 123 businesses in the "Nonferrous Metal (except Aluminum) Smelting and Refining" industry received a total of $42,788,341.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.

PPP recipients in this industry report an average of 27 employees, 88% lower than Sipi Metals Corp's reported 219 employees, and received an average PPP loan of $347,873, 87% lower than this company's loan of $2.58M.

FederalPay's PPP Information Policy

Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.

All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA.

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Footnotes & Information

1. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.

2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.


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Source: www.federalpay.org/paycheck-protection-program/sipi-metals-corp-chicago-il