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PPP Loan Data — Supplycore Inc,
Rockford, IL
Supplycore Inc
Entity: Subchapter S Corporation
Industry: Hardware Merchant Wholesalers
Location: Rockford, IL
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Supplycore Inc is a subchapter s corporation located at 303 N Main St Ste 800 in Rockford, Illinois that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in March, 2021.
The company has reported itself as a White male owned business, and employed at least 202 people during the applicable loan loan period.
$
PPP Loan Information
Loan #1682368702
Loan Size:
Jobs Retained:
202Loan Approved:
2021-03-27Loan Status:
Ongoing LoanLender:
The Huntington National BankSupplycore Inc in Rockford, IL received a Paycheck Protection Loan of $2M through The Huntington National Bank, which was approved in March, 2021.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.
Read MoreUnderstanding Payroll Estimates Based On PPP Amount
Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.
Read MoreBased 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, Supplycore Inc's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 202 jobs retained, this equals an estimated average yearly compensation of $47,525 per employee1
Reported PPP Proceed Usage:
On the PPP application, Supplycore Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,998
- Utilities: $1
Business Information - Supplycore Inc in Rockford, IL
303 N Main St Ste 800
Rockford, IL 61101
Business Industry:
Hardware Merchant Wholesalers
NAICS code 423710
Business Owner Demographics
Race: White
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: Y
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 3,010 businesses in the "Hardware Merchant Wholesalers" industry received a total of $513.43M 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, 93% lower than Supplycore Inc's reported 202 employees, and received an average PPP loan of $170,575, 91% lower than this company's loan of $2M.
Supplycore Inc
Entity: Subchapter S Corporation
Industry: Process, Physical Distribution, and Logistics Consulting Services
Location: Rockford, IL
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Supplycore Inc is a subchapter s corporation located at 303 N. Main St., Suite 800 in Rockford, Illinois that received a Coronavirus-related PPP loan from the SBA of $3,202,792.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least 209 people during the applicable loan loan period.
$
PPP Loan Information
Loan #4697487006
Loan Size:
Jobs Retained:
209Loan Approved:
2020-04-04Loan Status:
Paid in Full or ForgivenLender:
The Huntington National BankSupplycore Inc in Rockford, IL received a Paycheck Protection Loan of $3.2M through The Huntington National 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 July, 2021.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.
Read MoreUnderstanding Payroll Estimates Based On PPP Amount
Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.
Read MoreBased 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, Supplycore Inc's 2019 payroll expenses are estimated to be at least $15.37M.
Based on their reported 209 jobs retained, this equals an estimated average yearly compensation of $73,557 per employee1
Reported PPP Proceed Usage:
On the PPP application, Supplycore Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $3,202,792
Business Information - Supplycore Inc in Rockford, IL
303 N. Main St., Suite 800
Rockford, IL 61101
Business Industry:
Process, Physical Distribution, and Logistics Consulting Services
NAICS code 541614
Business Owner Demographics
Race: White
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: Y
HUBZone: Y
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 10,180 businesses in the "Process, Physical Distribution, and Logistics Consulting Services" industry received a total of $912.74M 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 8 employees, 96% lower than Supplycore Inc's reported 209 employees, and received an average PPP loan of $89,660, 97% lower than this company's loan of $3.2M.
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. FederalPay does not modify the data and makes no claims regarding its accuracy.
Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.
Footnotes & Information
1. Estimations for informational purposes only. 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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