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

PPP Loan Data — Citadel Electric Inc, Oak Grove, MO

ALERT: There are 2 PPP loans for a total of $3.79M in our database for businesses with the name "Citadel Electric Inc" in Oak Grove, MO. 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 Citadel Electric Inc
MO

Citadel Electric Inc

Entity: Corporation

Industry: Electrical Contractors and Other Wiring Installation Contractors

Location: Oak Grove, MO

Search All PPP Data

Citadel Electric Inc is a corporation located at 31710 E Colbern Rd in Oak Grove, Missouri 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 116 people during the applicable loan loan period.

$ PPP Loan Information
Loan #4666558410

Loan Size:

$2M

Jobs Retained:

116

Loan Approved:

2021-02-06

Loan Status:

Paid in Full or Forgiven

Lender:

Blue Ridge Bank and Trust Co.

Citadel Electric Inc in Oak Grove, MO received a Paycheck Protection Loan of $2M through Blue Ridge Bank and Trust Co., 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 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 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, Citadel Electric Inc's 2019 payroll expenses are estimated to be at least $9.6M.

Based on their reported 116 jobs retained, this equals an estimated average yearly compensation of $82,759 per employee1

Reported PPP Proceed Usage:

On the PPP application, Citadel Electric Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,999,996
  • Utilities: $1
Because the loan received by Citadel Electric Inc is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Citadel Electric Inc in Oak Grove, MO

Citadel Electric Inc
31710 E Colbern Rd
Oak Grove, MO 64075

Business Owner Demographics

Race: White

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Jackson County, MO — SBA Office 0709 — Congressional District: MO-05

Similar Companies near Oak Grove

In the Oak Grove area, 7 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 31 employees (compared to this company's 116) and received an average PPP loan of $558,150 (compared to this company's $2M).

Industry PPP Comparison Statistics

Nationwide, 81,495 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, 91% lower than Citadel Electric Inc's reported 116 employees, and received an average PPP loan of $144,173, 93% lower than this company's loan of $2M.

SBA PPP loan data, payroll data, and salaries for Citadel Electric Inc
MO

Citadel Electric Inc

Entity: Corporation

Industry: Electrical Contractors and Other Wiring Installation Contractors

Location: Oak Grove, MO

Search All PPP Data

Citadel Electric Inc is a corporation located at 31710 E Colbern Rd in Oak Grove, Missouri that received a Coronavirus-related PPP loan from the SBA of $1,790,000.00 in April, 2020.

The company has reported itself as a White male owned business, and employed at least 91 people during the applicable loan loan period.

$ PPP Loan Information
Loan #5453447003

Loan Size:

$1.79M

Jobs Retained:

91

Loan Approved:

2020-04-05

Loan Status:

Paid in Full or Forgiven

Lender:

Blue Ridge Bank and Trust Co.

Citadel Electric Inc in Oak Grove, MO received a Paycheck Protection Loan of $1.79M through Blue Ridge Bank and Trust Co., 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 December, 2020.

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, Citadel Electric Inc's 2019 payroll expenses are estimated to be at least $8.59M.

Based on their reported 91 jobs retained, this equals an estimated average yearly compensation of $94,418 per employee1

Reported PPP Proceed Usage:

On the PPP application, Citadel Electric Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,790,000

Business Information - Citadel Electric Inc in Oak Grove, MO

Citadel Electric Inc
31710 E Colbern Rd
Oak Grove, MO 64075

Business Owner Demographics

Race: White

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Jackson County, MO — SBA Office 0709 — Congressional District: MO-05

Similar Companies near Oak Grove

In the Oak Grove area, 7 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 31 employees (compared to this company's 91) and received an average PPP loan of $558,150 (compared to this company's $1.79M).

Industry PPP Comparison Statistics

Nationwide, 81,495 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, 88% lower than Citadel Electric Inc's reported 91 employees, and received an average PPP loan of $144,173, 92% lower than this company's loan of $1.79M.

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/citadel-electric-inc-oak-grove-mo