PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Argon Electrical Corp, Long Island City, NY

ALERT: There are 2 PPP loans for a total of $423,312 in our database for businesses with the name "Argon Electrical Corp" in Long Island City, NY. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Argon Electrical Corp
NY

Argon Electrical Corp

Entity: Corporation

Industry: Electrical Contractors and Other Wiring Installation Contractors

Location: Long Island City, NY

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Argon Electrical Corp is a corporation located at 2416 38th Ave Ste 1 in Long Island City, New York that received a Coronavirus-related PPP loan from the SBA of $246,340.00 in February, 2021.

$ PPP Loan Information
Loan #9582028410

Loan Size:

$246,340

Jobs Retained:

11

Loan Approved:

2021-02-17

Loan Status:

Ongoing Loan

Lender:

JPMorgan Chase Bank, National Association
Likely Employment Reduction3

Argon Electrical Corp in Long Island City, NY received a Paycheck Protection Loan of $246,340 through JPMorgan Chase Bank, National Association, which was approved in February, 2021.

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.

The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 11 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.

The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 12. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.

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 More
Understanding 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 More

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, Argon Electrical Corp's 2019 payroll expenses are estimated to be at least $1.18M (not accounting for salary amounts > $100k).

Because the 11 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.

Reported PPP Proceed Usage:

On the PPP application, Argon Electrical Corp reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $246,334
  • Utilities: $1

Business Information - Argon Electrical Corp in Long Island City, NY

Argon Electrical Corp
2416 38th Ave Ste 1
Long Island City, NY 11101

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: Y

HUBZone: Y

Rural / Urban: Urban

Queens County, NY — SBA Office 0202 — Congressional District: NY-12

Similar Companies near Long Island City

In the Long Island City area, 101 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 11) and received an average PPP loan of $604,875 (compared to this company's $246,340).

Industry PPP Comparison Statistics

Nationwide, 78,822 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a total of $11.65B 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, 9% higher than Argon Electrical Corp's reported 11 employees, and received an average PPP loan of $147,855, 40% lower than this company's loan of $246,340.

SBA PPP loan data, payroll data, and salaries for Argon Electrical Corp
NY

Argon Electrical Corp

Entity: Corporation

Industry: Electrical Contractors and Other Wiring Installation Contractors

Location: Long Island City, NY

Search All PPP Data

Argon Electrical Corp is a corporation located at 2416 38th Ave Ste 1 in Long Island City, New York that received a Coronavirus-related PPP loan from the SBA of $176,972.00 in May, 2020.

$ PPP Loan Information
Loan #2909107709

Loan Size:

$176,972

Jobs Retained:

18

Loan Approved:

2020-05-01

Loan Status:

Ongoing Loan

Lender:

JPMorgan Chase Bank, National Association

Argon Electrical Corp in Long Island City, NY received a Paycheck Protection Loan of $176,972 through JPMorgan Chase Bank, National Association, which was approved in May, 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 More
Understanding 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 More

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, Argon Electrical Corp's 2019 payroll expenses are estimated to be at least $849,466.

Based on their reported 18 jobs retained, this equals an estimated average yearly compensation of $47,193 per employee1

Reported PPP Proceed Usage:

On the PPP application, Argon Electrical Corp reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $170,972
  • Utilities: $1,000
  • Rent: $5,000

Business Information - Argon Electrical Corp in Long Island City, NY

Argon Electrical Corp
2416 38th Ave Ste 1
Long Island City, NY 11101

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: Y

HUBZone: Y

Rural / Urban: Urban

Queens County, NY — SBA Office 0202 — Congressional District: NY-12

Similar Companies near Long Island City

In the Long Island City area, 101 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 18) and received an average PPP loan of $604,875 (compared to this company's $176,972).

Industry PPP Comparison Statistics

Nationwide, 78,822 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a total of $11.65B 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, 33% lower than Argon Electrical Corp's reported 18 employees, and received an average PPP loan of $147,855, 16% lower than this company's loan of $176,972.

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.

Search FederalPay's Full PPP Loan Database

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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Source: www.federalpay.org/paycheck-protection-program/argon-electrical-corp-long-island-city-ny