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PPP Loan Data — Wavsys LLC,
Chicago, IL
Wavsys LLC
Entity: Limited Liability Company (LLC)
Industry: Other Scientific and Technical Consulting Services
Location: Chicago, IL
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Wavsys LLC is a limited liability company (LLC) located at 2000 N Racine Ave Ste 4500 in Chicago, Illinois that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in March, 2021.
$
PPP Loan Information
Loan #5221588606
Loan Size:
Jobs Retained:
265Loan Approved:
2021-03-20Loan Status:
Paid in Full or ForgivenLender:
Martha's Vineyard BankWavsys LLC in Chicago, IL received a Paycheck Protection Loan of $2M through Martha's Vineyard Bank, which was approved in March, 2021.
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 August, 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, Wavsys LLC's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 265 jobs retained, this equals an estimated average yearly compensation of $36,226 per employee1
Reported PPP Proceed Usage:
On the PPP application, Wavsys LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,000,000
Business Information - Wavsys LLC in Chicago, IL
2000 N Racine Ave Ste 4500
Chicago, IL 60614
Business Industry:
Other Scientific and Technical Consulting Services
NAICS code 541690
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: Y
Rural / Urban: Urban
Similar Companies near Chicago
In the Chicago area, 30 businesses in the "Other Scientific and Technical Consulting Services" industry received a PPP loan. These local businesses reported an average of 11 employees (compared to this company's 265) and received an average PPP loan of $102,374 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Praedictus Climate Solutions LLC
Chicago, IL
Michael Reilley
Chicago, IL
JUA R Mitchell DBA J. Mitchell & Company
Chicago, IL
Viking Cloud, LLC
Chicago, IL
Aquilla Williams
Chicago, IL
Navigate Power LLC
Chicago, IL
Keller Consulting Inc
Chicago, IL
Duff Media Partners Inc
Chicago, IL
Henry Street Solutions Inc
Chicago, IL
Industry PPP Comparison Statistics
Nationwide, 27,931 businesses in the "Other Scientific and Technical Consulting Services" industry received a total of $2.09B 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 6 employees, 98% lower than Wavsys LLC's reported 265 employees, and received an average PPP loan of $74,801, 96% lower than this company's loan of $2M.
Wavsys LLC
Entity: Limited Liability Company (LLC)
Industry: Software Publishers
Location: Chicago, IL
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Wavsys LLC is a limited liability company (LLC) located at 2000 N Racine Ave Ste 4500 in Chicago, Illinois that received a Coronavirus-related PPP loan from the SBA of $5,000,000.00 in May, 2020.
$
PPP Loan Information
Loan #6368507705
Loan Size:
Jobs Retained:
463Loan Approved:
2020-05-01Loan Status:
Paid in Full or ForgivenLender:
Bank of America, National AssociationWavsys LLC in Chicago, IL received a Paycheck Protection Loan of $5M through Bank of America, National Association, 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 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, Wavsys LLC's 2019 payroll expenses are estimated to be at least $24M.
Based on their reported 463 jobs retained, this equals an estimated average yearly compensation of $51,836 per employee1
Reported PPP Proceed Usage:
On the PPP application, Wavsys LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $5,000,000
Business Information - Wavsys LLC in Chicago, IL
2000 N Racine Ave Ste 4500
Chicago, IL 60614
Business Industry:
Software Publishers
NAICS code 511210
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: New Business or 2 years or less
LMI Zone: N
HUBZone: Y
Rural / Urban: Urban
Similar Companies near Chicago
In the Chicago area, 17 businesses in the "Software Publishers" industry received a PPP loan. These local businesses reported an average of 42 employees (compared to this company's 463) and received an average PPP loan of $348,858 (compared to this company's $5M).
Similar Nearby Businesses Who Received PPP Funding:
Getfrank, Inc
Chicago, IL
Azmat Hussain
Chicago, IL
Varuna Tech Inc
Chicago, IL
Openjanela LLC
Chicago, IL
David Connell
Chicago, IL
Nextme, Inc
Chicago, IL
Cityzenith LLC
Chicago, IL
Tournament Experts Accommodations Management Solutions LLC
Chicago, IL
Nextpoint, Inc
Chicago, IL
Industry PPP Comparison Statistics
Nationwide, 13,333 businesses in the "Software Publishers" industry received a total of $2.73B 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 13 employees, 97% lower than Wavsys LLC's reported 463 employees, and received an average PPP loan of $204,547, 96% lower than this company's loan of $5M.
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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