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PPP Loan Data — Boyce Technologies Inc,
Long Island City, NY
Boyce Technologies Inc
Entity: Corporation
Industry: Electrical Contractors and Other Wiring Installation Contractors
Location: Long Island City, NY
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Boyce Technologies Inc is a corporation located at 4722 Pearson Pl in Long Island City, New York that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in February, 2021.
The company has reported itself as a White male owned business, and employed at least 170 people during the applicable loan loan period.
$
PPP Loan Information
Loan #2099218504
Loan Size:
Jobs Retained:
170Loan Approved:
2021-02-19Loan Status:
Paid in Full or ForgivenLender:
Loan Source IncorporatedBoyce Technologies Inc in Long Island City, NY received a Paycheck Protection Loan of $2M through Loan Source Incorporated, 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, 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, Boyce Technologies Inc's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 170 jobs retained, this equals an estimated average yearly compensation of $56,471 per employee1
Reported PPP Proceed Usage:
On the PPP application, Boyce Technologies Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,995
- Utilities: $1
Business Information - Boyce Technologies Inc in Long Island City, NY
4722 Pearson Pl
Long Island City, NY 11101
Business Industry:
Electrical Contractors and Other Wiring Installation Contractors
NAICS code 238210
Business Owner Demographics
Race: White
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: N
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 170) and received an average PPP loan of $610,660 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Barth-Gross Electric Co., Inc
Long Island City, NY
SCI Northeast Inc
Long Island City, NY
Appo Electrical Contractors Inc
Long Island City, NY
KV Power And Electric Inc
Astoria, NY
Delta Electrical Contracting Corp
Long Island City, NY
Amin Electrical Corporation
Long Island City, NY
Takos & K Electric Inc.-Sba Small 7A Term
Long Island City, NY
Lowy & Donnath Inc
Long Island City, NY
Bigman Brothers 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, 94% lower than Boyce Technologies Inc's reported 170 employees, and received an average PPP loan of $144,186, 93% lower than this company's loan of $2M.
Boyce Technologies, Inc
Entity: Corporation
Industry: Electrical Contractors and Other Wiring Installation Contractors
Location: Long Island City, NY
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Boyce Technologies, Inc is a corporation located at 47 Pearson Place in Long Island City, New York that received a Coronavirus-related PPP loan from the SBA of $1,889,900.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least 113 people during the applicable loan loan period.
$
PPP Loan Information
Loan #6584207006
Loan Size:
Jobs Retained:
113Loan Approved:
2020-04-07Loan Status:
Paid in Full or ForgivenLender:
Dime Community BankBoyce Technologies, Inc in Long Island City, NY received a Paycheck Protection Loan of $1.89M through Dime Community Bank, which was approved in April, 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 November, 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, Boyce Technologies, Inc's 2019 payroll expenses are estimated to be at least $9.07M.
Based on their reported 113 jobs retained, this equals an estimated average yearly compensation of $80,279 per employee1
Reported PPP Proceed Usage:
On the PPP application, Boyce Technologies, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,511,920
- Rent: $377,980
Business Information - Boyce Technologies, Inc in Long Island City, NY
47 Pearson Place
Long Island City, NY 11101
Business Industry:
Electrical Contractors and Other Wiring Installation Contractors
NAICS code 238210
Business Owner Demographics
Race: White
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: N
HUBZone: N
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 113) and received an average PPP loan of $610,660 (compared to this company's $1.89M).
Similar Nearby Businesses Who Received PPP Funding:
Barth-Gross Electric Co., Inc
Long Island City, NY
SCI Northeast Inc
Long Island City, NY
Appo Electrical Contractors Inc
Long Island City, NY
KV Power And Electric Inc
Astoria, NY
Delta Electrical Contracting Corp
Long Island City, NY
Amin Electrical Corporation
Long Island City, NY
Takos & K Electric Inc.-Sba Small 7A Term
Long Island City, NY
Lowy & Donnath Inc
Long Island City, NY
Bigman Brothers 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, 90% lower than Boyce Technologies, Inc's reported 113 employees, and received an average PPP loan of $144,186, 92% lower than this company's loan of $1.89M.
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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