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PPP Loan Data — Systems Unlimited, Inc., Itasca, IL

SBA PPP loan data, payroll data, and salaries for Systems Unlimited, Inc.
IL

Systems Unlimited, Inc.

Entity: Corporation

Industry: Wood Office Furniture Manufacturing

Location: Itasca, IL

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Systems Unlimited, Inc. is a corporation located at 1350 W. Bryn Mawr Ave in Itasca, Illinois that received a Coronavirus-related PPP loan from the SBA of $2,639,200.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$2.64M
Likely Employment Reduction3

Jobs Retained:

103

Loan Approved:

2020-04-13

Lender:

BMO HARRIS BANK NATIONAL ASSOCIATION

Systems Unlimited, Inc. in Itasca, IL received a Paycheck Protection Loan of $2.64M through BMO HARRIS BANK NATIONAL ASSOCIATION, 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 103 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 127.

Based on standard PPP eligibility rules, Systems Unlimited, Inc.'s total 2019 payroll expenses were approximately $12.67M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.

Because the 103 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.

Because the loan received by Systems Unlimited, Inc. 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 - Systems Unlimited, Inc. in Itasca, IL

Systems Unlimited, Inc.
1350 W. Bryn Mawr Ave
Itasca, IL 60143

Business Industry

Wood Office Furniture Manufacturing (NAICS code 337211)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: IL-08

Similar Companies near Itasca

In the Itasca area, 2 businesses in the "Wood Office Furniture Manufacturing" industry received a PPP loan. These local businesses reported an average of 54 employees (compared to this company's 103) and received an average PPP loan of $1,329,101 (compared to this company's $2.64M).

Similar Nearby Businesses Who Received PPP Funding:

Installation Solutions Corp.
Huntley, IL

$19,002 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 424 businesses in the "Wood Office Furniture Manufacturing" industry received a total of $106,682,060.00 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 21 employees, 80% lower than Systems Unlimited, Inc.'s reported 103 employees, and received an average PPP loan of $251,609, 90% lower than this company's loan of $2.64M.

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, 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.

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.


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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/systems-unlimited-inc-itasca-il