PPP Loan Data — Speyside Steel Fab Holdings LLC, Wheeling, IL
Speyside Steel Fab Holdings LLC
Entity: Limited Liability Company (LLC)
Location: Wheeling, ILTweet This • Search All PPP Data
Speyside Steel Fab Holdings LLC is a limited liability company (LLC) located at 1111 Wheeling Rd in Wheeling, Illinois that received a Coronavirus-related PPP loan from the SBA of $3,287,500.00 in April, 2020.
$ PPP Loan Information
Lender:FIFTH THIRD BANK
Speyside Steel Fab Holdings LLC in Wheeling, IL received a Paycheck Protection Loan of $3.29M through FIFTH THIRD BANK, which was approved in April, 2020.
The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 108 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.
2019 Payroll Estimations based On PPP Amount:
Assuming all employees were paid over the $100k eligibility cap, the minimum number of employees this company must have had in 2019 to qualify for the loan range received is 158.
Based on standard PPP eligibility rules, Speyside Steel Fab Holdings LLC's total 2019 payroll expenses were approximately $15.78M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.
Because the 108 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Business Information - Speyside Steel Fab Holdings LLC in Wheeling, IL
1111 Wheeling Rd
Wheeling, IL 60090
Metal Crown, Closure, and Other Metal Stamping (except Automotive) (NAICS code 332119)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: IL-10
Similar Companies near Wheeling
In the Wheeling area, 2 businesses in the "Metal Crown, Closure, and Other Metal Stamping (except Automotive)" industry received a PPP loan. These local businesses reported an average of 60 employees (compared to this company's 108) and received an average PPP loan of $1,717,208 (compared to this company's $3.29M).
Similar Nearby Businesses Who Received PPP Funding:
Wood Brothers Steel Stamping Co.
Industry PPP Comparison Statistics
Nationwide, 688 businesses in the "Metal Crown, Closure, and Other Metal Stamping (except Automotive)" industry received a total of $316,503,616.00 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 35 employees, 68% lower than Speyside Steel Fab Holdings LLC's reported 108 employees, and received an average PPP loan of $460,034, 86% lower than this company's loan of $3.29M.
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!