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PPP Loan Data — Difoggio Electric Inc,
Waltham, MA
Difoggio Electric Inc
Entity: Subchapter S Corporation
Industry: All Other Specialty Trade Contractors
Location: Waltham, MA
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Difoggio Electric Inc is a subchapter s corporation located at 55 Pond St Ste 2a in Waltham, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $201,295.00 in March, 2021.
The company has reported itself as a White male veteran owned business, and employed at least fifteen people during the applicable loan loan period.
$
PPP Loan Information
Loan #8404528508
Loan Size:
Jobs Retained:
15Loan Approved:
2021-03-09Loan Status:
Ongoing LoanLender:
The Village BankDifoggio Electric Inc in Waltham, MA received a Paycheck Protection Loan of $201,295 through The Village Bank, which was approved in March, 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
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, Difoggio Electric Inc's 2019 payroll expenses are estimated to be at least $966,216.
Based on their reported 15 jobs retained, this equals an estimated average yearly compensation of $64,414 per employee1
Reported PPP Proceed Usage:
On the PPP application, Difoggio Electric Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $201,291
- Utilities: $1
Business Information - Difoggio Electric Inc in Waltham, MA
55 Pond St Ste 2a
Waltham, MA 2451
Business Industry:
All Other Specialty Trade Contractors
NAICS code 238990
Business Owner Demographics
Race: White
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near Waltham
In the Waltham area, 14 businesses in the "All Other Specialty Trade Contractors" industry received a PPP loan. These local businesses reported an average of 7 employees (compared to this company's 15) and received an average PPP loan of $74,283 (compared to this company's $201,295).
Similar Nearby Businesses Who Received PPP Funding:
Jeff Fisher Inc
Waltham, MA
Christopher Curtain
Waltham, MA
Kevin Mcdade
Waltham, MA
Puraqua Pool Service, Inc
Waltham, MA
C. P. Curtain Contracting
Waltham, MA
R J Vanaria Contracting Company Inc
Waltham, MA
RJ Vanaria Contracting Company, Inc
Waltham, MA
Industry PPP Comparison Statistics
Nationwide, 77,580 businesses in the "All Other Specialty Trade Contractors" industry received a total of $7.6B 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 9 employees, 40% lower than Difoggio Electric Inc's reported 15 employees, and received an average PPP loan of $97,996, 51% lower than this company's loan of $201,295.
Difoggio Electric, Inc
Entity: Subchapter S Corporation
Industry: Electrical Contractors and Other Wiring Installation Contractors
Location: Waltham, MA
Tweet This
•
Search All PPP Data
Difoggio Electric, Inc is a subchapter s corporation located at 55 Pond St in Waltham, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $201,295.00 in April, 2020.
The company has reported itself as a White male veteran owned business, and employed at least fifteen people during the applicable loan loan period.
$
PPP Loan Information
Loan #2895787309
Loan Size:
Jobs Retained:
15Loan Approved:
2020-04-29Loan Status:
Paid in Full or ForgivenLender:
The Village BankDifoggio Electric, Inc in Waltham, MA received a Paycheck Protection Loan of $201,295 through The Village 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 April, 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, Difoggio Electric, Inc's 2019 payroll expenses are estimated to be at least $966,216.
Based on their reported 15 jobs retained, this equals an estimated average yearly compensation of $64,414 per employee1
Reported PPP Proceed Usage:
On the PPP application, Difoggio Electric, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $201,295
Business Information - Difoggio Electric, Inc in Waltham, MA
55 Pond St
Waltham, MA 2451
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: Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near Waltham
In the Waltham area, 43 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 12 employees (compared to this company's 15) and received an average PPP loan of $219,639 (compared to this company's $201,295).
Similar Nearby Businesses Who Received PPP Funding:
AVD Inc
Waltham, MA
Veduccio Electric
Waltham, MA
Pat Patuto And Son Inc
Waltham, MA
B.a. Piantedosi, Jr. Master Electrician
Waltham, MA
Norel Service Co., Inc
Waltham, MA
Gallagher Electrical LLC
Waltham, MA
Amps Electric Inc
Waltham, MA
Howard Oven
Waltham, MA
True North Electrical Company Inc
Waltham, MA
Industry PPP Comparison Statistics
Nationwide, 71,211 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a total of $11.34B 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 13 employees, 13% lower than Difoggio Electric, Inc's reported 15 employees, and received an average PPP loan of $159,309, 21% lower than this company's loan of $201,295.
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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