PPP Loan Data — Claypool Electric Inc, Lancaster, OH
Claypool Electric Inc
Location: Lancaster, OHTweet This • Search All PPP Data
Claypool Electric Inc is a corporation located at 1275 Lancaster-kirkersville Rd. in Lancaster, Ohio that received a Coronavirus-related PPP loan from the SBA of $2,804,942.00 in April, 2020.
The company has reported itself as a White male veteran owned business, and employed at least 219 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:The Park National Bank
Claypool Electric Inc in Lancaster, OH received a Paycheck Protection Loan of $2.8M through The Park National Bank, 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
Understanding Payroll Estimates Based On PPP Amount
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, Claypool Electric Inc's 2019 payroll expenses are estimated to be at least $13.46M.
Based on their reported 219 jobs retained, this equals an estimated average yearly compensation of $61,478 per employee1
Reported PPP Proceed Usage:
On the PPP application, Claypool Electric Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,804,942
Business Information - Claypool Electric Inc in Lancaster, OH
1275 Lancaster-kirkersville Rd.
Lancaster, OH 43130
Electrical Contractors and Other Wiring Installation Contractors
NAICS code 238210
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Lancaster
In the Lancaster area, 11 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 219) and received an average PPP loan of $340,677 (compared to this company's $2.8M).
Similar Nearby Businesses Who Received PPP Funding:
MK Electric LLC
Evans Electrical Services LLC
James W Hoover
Proline Electric Inc
Frazier Electric Inc
Cross Electric, LLC
Industry PPP Comparison Statistics
Nationwide, 82,626 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a total of $11.77B 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, 95% lower than Claypool Electric Inc's reported 219 employees, and received an average PPP loan of $142,494, 95% lower than this company's loan of $2.8M.
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Footnotes & Information
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