PPP Loan Data — V & L Polishing Co., Inc, Addison, IL
V & L Polishing Co., Inc is a subchapter s corporation located at 341 W Interstate Rd in Addison, Illinois that received a Coronavirus-related PPP loan from the SBA of $45,930.00 in May, 2020.
The company has reported itself as a female owned business, and employed at least seven people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:First American Bank
V & L Polishing Co., Inc in Addison, IL received a Paycheck Protection Loan of $45,930 through First American Bank, which was approved in May, 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 May, 2021.
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, V & L Polishing Co., Inc's 2019 payroll expenses are estimated to be at least $220,464.
Based on their reported 7 jobs retained, this equals an estimated average yearly compensation of $31,495 per employee1
Reported PPP Proceed Usage:
On the PPP application, V & L Polishing Co., Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $45,930
Business Information - V & L Polishing Co., Inc in Addison, IL
341 W Interstate Rd
Addison, IL 60101
Polish and Other Sanitation Good Manufacturing
NAICS code 325612
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Female Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Addison
In the Addison area, 2 businesses in the "Polish and Other Sanitation Good Manufacturing" industry received a PPP loan. These local businesses reported an average of 6 employees (compared to this company's 7) and received an average PPP loan of $40,365 (compared to this company's $45,930).
Similar Nearby Businesses Who Received PPP Funding:
Industry PPP Comparison Statistics
Nationwide, 693 businesses in the "Polish and Other Sanitation Good Manufacturing" industry received a total of $94.39M 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 14 employees, 100% higher than V & L Polishing Co., Inc's reported 7 employees, and received an average PPP loan of $136,202, 197% higher than this company's loan of $45,930.
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Footnotes & Information
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