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PPP Loan Data — Xcel Staffing Solutions LLC,
Waukegan, IL
Xcel Staffing Solutions LLC
Entity: Limited Liability Company (LLC)
Industry: Employment Placement Agencies
Location: Waukegan, IL
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Xcel Staffing Solutions LLC is a limited liability company (LLC) located at 1541 S Waukegan Rd in Waukegan, Illinois that received a Coronavirus-related PPP loan from the SBA of $8,964,172.00 in April, 2020.
$ PPP Loan Information
Loan Size:
Jobs Retained:
500Loan Approved:
2020-04-13Lender:
LAKE FOREST BANK & TRUST COMPANY, NATIONAL ASSOCIATIONXcel Staffing Solutions LLC in Waukegan, IL received a Paycheck Protection Loan of $8.96M through LAKE FOREST BANK & TRUST COMPANY, NATIONAL ASSOCIATION, which was approved in April, 2020.
Based on standard PPP eligibility rules, Xcel Staffing Solutions LLC's total 2019 payroll expenses were approximately $43.03M in order to qualify for the PPP loan amount received.
Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $86,056 per employee1.
Business Information - Xcel Staffing Solutions LLC in Waukegan, IL
1541 S Waukegan Rd
Waukegan, IL 60085
Business Industry
Employment Placement Agencies (NAICS code 561311)
Business Owner Demographics
Race / Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Congressional District: IL-10Similar Companies near Waukegan
In the Waukegan area, 4 businesses in the "Employment Placement Agencies" industry received a PPP loan. These local businesses reported an average of 248 employees (compared to this company's 500) and received an average PPP loan of $3,121,421 (compared to this company's $8.96M).
Similar Nearby Businesses Who Received PPP Funding:
LT Staffing Inc.
Waukegan, IL
Anne Joyce, Inc.
Wauconda, IL
Quality Labor Service, LLC
Waukegan, IL
Industry PPP Comparison Statistics
Nationwide, 7,294 businesses in the "Employment Placement Agencies" industry received a total of $2,648,453,106.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 38 employees, 92% lower than Xcel Staffing Solutions LLC's reported 500 employees, and received an average PPP loan of $363,100, 96% lower than this company's loan of $8.96M.
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.
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.
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