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PPP Loan Data — Amin Electrical Corporation,
Long Island City, NY
Amin Electrical Corporation
Entity: Corporation
Industry: Electrical Contractors and Other Wiring Installation Contractors
Location: Long Island City, NY
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Amin Electrical Corporation is a corporation located at 4839 38th St in Long Island City, New York that received a Coronavirus-related PPP loan from the SBA of $90,000.00 in February, 2021.
The company has reported itself as an Asian male owned business, and employed at least twelve people during the applicable loan loan period.
$
PPP Loan Information
Loan #7226598400
Loan Size:
Jobs Retained:
12Loan Approved:
2021-02-11Loan Status:
Paid in Full or ForgivenLender:
JPMorgan Chase Bank, National AssociationAmin Electrical Corporation in Long Island City, NY received a Paycheck Protection Loan of $90,000 through JPMorgan Chase Bank, National Association, which was approved in February, 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 May, 2022.
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, Amin Electrical Corporation's 2019 payroll expenses are estimated to be at least $432,000.
Based on their reported 12 jobs retained, this equals an estimated average yearly compensation of $36,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Amin Electrical Corporation reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $90,000
Business Information - Amin Electrical Corporation in Long Island City, NY
4839 38th St
Long Island City, NY 11101
Business Industry:
Electrical Contractors and Other Wiring Installation Contractors
NAICS code 238210
Business Owner Demographics
Race: Asian
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: Y
HUBZone: Y
Rural / Urban: Urban
Similar Companies near Long Island City
In the Long Island City area, 100 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 29 employees (compared to this company's 12) and received an average PPP loan of $610,660 (compared to this company's $90,000).
Similar Nearby Businesses Who Received PPP Funding:
Dynamic Fire, Inc
Long Island City, NY
Triboro Electrical Contracting Corp
Long Island City, NY
Kobyn Electrical Services Inc
New York, NY
Electrosystem Corp
Long Island City, NY
Spieler & Ricca Electrical Co. Inc
Long Island City, NY
Tower Electric Inc
Long Island City, NY
Wiretech Electric Corp
Long Island City, NY
Axcel Electric Company Inc
Long Island City, NY
Electronic Interface Associates Inc
Long Island City, NY
Industry PPP Comparison Statistics
Nationwide, 81,487 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a total of $11.75B 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 11 employees, 8% lower than Amin Electrical Corporation's reported 12 employees, and received an average PPP loan of $144,186, 60% higher than this company's loan of $90,000.
Amin Electrical Corporation
Entity: Corporation
Industry: All Other Support Services
Location: Long Island City, NY
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Amin Electrical Corporation is a corporation located at 4839 38th Street in Long Island City, New York that received a Coronavirus-related PPP loan from the SBA of $88,500.00 in May, 2020.
The company has reported itself as an Asian male owned business, and employed at least eighteen people during the applicable loan loan period.
$
PPP Loan Information
Loan #1335807702
Loan Size:
Jobs Retained:
18Loan Approved:
2020-05-01Loan Status:
Paid in Full or ForgivenLender:
JPMorgan Chase Bank, National AssociationAmin Electrical Corporation in Long Island City, NY received a Paycheck Protection Loan of $88,500 through JPMorgan Chase Bank, 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 September, 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, Amin Electrical Corporation's 2019 payroll expenses are estimated to be at least $424,800.
Based on their reported 18 jobs retained, this equals an estimated average yearly compensation of $23,600 per employee1
Reported PPP Proceed Usage:
On the PPP application, Amin Electrical Corporation reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $88,500
Business Information - Amin Electrical Corporation in Long Island City, NY
4839 38th Street
Long Island City, NY 11101
Business Industry:
All Other Support Services
NAICS code 561990
Business Owner Demographics
Race: Asian
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: Y
HUBZone: Y
Rural / Urban: Urban
Similar Companies near Long Island City
In the Long Island City area, 25 businesses in the "All Other Support Services" industry received a PPP loan. These local businesses reported an average of 20 employees (compared to this company's 18) and received an average PPP loan of $48,453 (compared to this company's $88,500).
Similar Nearby Businesses Who Received PPP Funding:
ACE Metal Finishing Services Corp
Astoria, NY
Ben Tas Corp DBA
Astoria, NY
Champion Coffee Roasters, LLC
Long Island City, NY
Iamc Inc
Long Island City, NY
Patrick Townsend Design Inc
Long Island City, NY
Serriniverse LLC
Astoria, NY
Project Graphic Management LLC
Long Island City, NY
Steamfitters Industry Educational Fund
Long Island City, NY
Industry PPP Comparison Statistics
Nationwide, 33,516 businesses in the "All Other Support Services" industry received a total of $1.7B 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 7 employees, 61% lower than Amin Electrical Corporation's reported 18 employees, and received an average PPP loan of $50,756, 43% lower than this company's loan of $88,500.
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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