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PPP Loan Data — Able Equipment Rental, Inc,
Deer Park, NY
Able Equipment Rental, Inc
Entity: Subchapter S Corporation
Industry: Other Commercial and Industrial Machinery and Equipment Rental and Leasing
Location: Deer Park, NY
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Able Equipment Rental, Inc is a subchapter s corporation located at 1050 Grand Boulevard in Deer Park, New York that received a Coronavirus-related PPP loan from the SBA of $2,468,000.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 224 people during the applicable loan loan period.
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PPP Loan Information
Loan #7522057106
Loan Size:
Jobs Retained:
224Loan Approved:
2020-04-14Loan Status:
Ongoing LoanLender:
Manufacturers and Traders Trust CompanyAble Equipment Rental, Inc in Deer Park, NY received a Paycheck Protection Loan of $2.47M through Manufacturers and Traders Trust Company, which was approved in April, 2020.
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, Able Equipment Rental, Inc's 2019 payroll expenses are estimated to be at least $11.85M.
Based on their reported 224 jobs retained, this equals an estimated average yearly compensation of $52,886 per employee1
Reported PPP Proceed Usage:
On the PPP application, Able Equipment Rental, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,468,000
Business Information - Able Equipment Rental, Inc in Deer Park, NY
1050 Grand Boulevard
Deer Park, NY 11729
Business Industry:
Other Commercial and Industrial Machinery and Equipment Rental and Leasing
NAICS code 532490
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: Y
HUBZone: N
Rural / Urban: Urban
Businesses Using Same Address:
There are 2 other businesses that received a PPP loan registered to the same address as Able Equipment Rental, Inc.
Able Weldbuilt Industries
Motor Vehicle Body Manufacturing
A & A Associates, LLC
Other Commercial and Industrial Machinery and Equipment Rental and Leasing
Similar Companies near Deer Park
In the Deer Park area, 3 businesses in the "Other Commercial and Industrial Machinery and Equipment Rental and Leasing" industry received a PPP loan. These local businesses reported an average of 122 employees (compared to this company's 224) and received an average PPP loan of $1,646,342 (compared to this company's $2.47M).
Similar Nearby Businesses Who Received PPP Funding:
A & A Associates, LLC
Deer Park, NY
Jump And Slide Party Rental Inc
Deer Park, NY
Industry PPP Comparison Statistics
Nationwide, 6,964 businesses in the "Other Commercial and Industrial Machinery and Equipment Rental and Leasing" industry received a total of $1.01B 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 12 employees, 95% lower than Able Equipment Rental, Inc's reported 224 employees, and received an average PPP loan of $144,773, 94% lower than this company's loan of $2.47M.
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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