PPP Loan Data — Contemporary Electrical Services Inc, Reston, VA
Contemporary Electrical Services Inc
Location: Reston, VATweet This • Search All PPP Data
Contemporary Electrical Services Inc is a corporation located at 1954 Isaac Newton Sq W in Reston, Virginia that received a Coronavirus-related PPP loan from the SBA of $1,999,900.00 in January, 2021.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:MVB Bank, Inc.
Contemporary Electrical Services Inc in Reston, VA received a Paycheck Protection Loan of $2M through MVB Bank, Inc., which was approved in January, 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.
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, Contemporary Electrical Services Inc's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 217 jobs retained, this equals an estimated average yearly compensation of $44,237 per employee1
Reported PPP Proceed Usage:
On the PPP application, Contemporary Electrical Services Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,900
Business Information - Contemporary Electrical Services Inc in Reston, VA
1954 Isaac Newton Sq W
Reston, VA 20190
Electrical Contractors and Other Wiring Installation Contractors
NAICS code 238210
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Reston
In the Reston area, 4 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 104 employees (compared to this company's 217) and received an average PPP loan of $1,010,367 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Contemporary Electrical Services
Jose Amilcar Mendez
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 Contemporary Electrical Services Inc's reported 217 employees, and received an average PPP loan of $142,494, 93% lower than this company's loan of $2M.
FederalPay's PPP Information Policy
Footnotes & Information
Have FederalPay.org's open data tools been valuable? Consider donating!