PPP Loan Data — Design Electric Inc, Charlottesville, VA
Design Electric Inc
Entity: Employee Stock Ownership Plan (esop)
Location: Charlottesville, VATweet This • Search All PPP Data
Design Electric Inc is an employee stock ownership plan (esop) located at 1307 Carlton Avenue in Charlottesville, Virginia that received a Coronavirus-related PPP loan from the SBA of $2,476,000.00 in April, 2020.
The company has reported itself as a White male owned business.
$ PPP Loan Information
Jobs Retained:0 Unreported
Lender:VIRGINIA NATIONAL BANK
Design Electric Inc in Charlottesville, VA received a Paycheck Protection Loan of $2.48M through VIRGINIA NATIONAL BANK, which was approved in April, 2020.
Based on standard PPP eligibility rules, Design Electric Inc's total 2019 payroll expenses were approximately $11.88M in order to qualify for the PPP loan amount received.
Unlike most businesses, Design Electric Inc's PPP data does not report the number of jobs retained by their receipt of the Paycheck Protection Loan (some banks did not release this infomation from their loan applications). Without this data, per-employee payrolls for this company cannot be estimated.
Business Information - Design Electric Inc in Charlottesville, VA
1307 Carlton Avenue
Charlottesville, VA 22902
Electrical Contractors and Other Wiring Installation Contractors (NAICS code 238210)
Business Owner Demographics
Race / Ethnicity: WHITE
Gender: MALE OWNED
Veteran Status: UnreportedCongressional District: VA-05
Similar Companies near Charlottesville
In the Charlottesville area, 6 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 9 employees (compared to this company's 0) and received an average PPP loan of $554,217 (compared to this company's $2.48M).
Similar Nearby Businesses Who Received PPP Funding:
Polson Electrical Services
James E Shifflett Electrical Contractor Inc.
Fisher Electrical Contractors, Inc.
Industry PPP Comparison Statistics
Nationwide, 44,489 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a total of $8,060,101,877.00 in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 2% of the total PPP funding allocated.
PPP recipients in this industry report an average of 12 employees, and received an average PPP loan of $181,171, 93% lower than this company's loan of $2.48M.
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, and is published unmodified, as provided by the SBA.
Footnotes & Information
1. 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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