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PPP Loan Data — EIA Electric Inc,
Long Island City, NY
EIA Electric Inc
Entity: Corporation
Industry: Electrical Contractors and Other Wiring Installation Contractors
Location: Long Island City, NY
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EIA Electric Inc is a corporation located at 3407 37th Ave in Long Island City, New York that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in February, 2021.
$
PPP Loan Information
Loan #9602938410
Loan Size:
Jobs Retained:
140Loan Approved:
2021-02-17Loan Status:
Active Un-DisbursedLender:
Valley National BankEIA Electric Inc in Long Island City, NY received a Paycheck Protection Loan of $2M through Valley National Bank, which was approved in February, 2021.
While this loan has been approved by the Small Business Administration, the lender has not reported to the SBA that the loan funds were disbursed to the borrower. According to SBA records, a total of $2M in approved PPP funding has not been disbursed. The loan's status was last updated by the SBA in February, 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, EIA Electric Inc's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 140 jobs retained, this equals an estimated average yearly compensation of $68,571 per employee1
Reported PPP Proceed Usage:
On the PPP application, EIA Electric Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,997
- Utilities: $1
Business Information - EIA Electric Inc in Long Island City, NY
3407 37th Ave
Long Island City, NY 11101
Business Industry:
Electrical Contractors and Other Wiring Installation Contractors
NAICS code 238210
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near Long Island City
In the Long Island City area, 94 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 30 employees (compared to this company's 140) and received an average PPP loan of $634,730 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
P & Z Electric Corp
Long Island City, NY
Wade Electric Inc
Long Island City, NY
Kobyn Electrical Services Inc
New York, NY
Electronic Interface Associates Inc
Long Island City, NY
Samco Electric Corp
New York, NY
Samco Electric Corp
Long Island City, NY
Appo Electrical Contractors Inc
Long Island City, NY
LED Electrical Contractors Inc
Astoria, NY
Electrosystem Corp
Long Island City, NY
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, 91% lower than EIA Electric Inc's reported 140 employees, and received an average PPP loan of $159,309, 92% lower than this company's loan of $2M.
EIA Electric, Inc
Entity: Corporation
Industry: Electrical Contractors and Other Wiring Installation Contractors
Location: Long Island City, NY
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EIA Electric, Inc is a corporation located at 34-07 37th Avenue in Long Island City, New York that received a Coronavirus-related PPP loan from the SBA of $3,215,492.00 in April, 2020.
$
PPP Loan Information
Loan #4130677101
Loan Size:
Jobs Retained:
130Loan Approved:
2020-04-12Loan Status:
Ongoing LoanLender:
Valley National BankEIA Electric, Inc in Long Island City, NY received a Paycheck Protection Loan of $3.22M through Valley 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.
The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 130 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 154. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
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, EIA Electric, Inc's 2019 payroll expenses are estimated to be at least $15.43M (not accounting for salary amounts > $100k).
Because the 130 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Reported PPP Proceed Usage:
On the PPP application, EIA Electric, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $3,215,492
Business Information - EIA Electric, Inc in Long Island City, NY
34-07 37th Avenue
Long Island City, NY 11101
Business Industry:
Electrical Contractors and Other Wiring Installation Contractors
NAICS code 238210
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: Y
Rural / Urban: Urban
Similar Companies near Long Island City
In the Long Island City area, 94 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 30 employees (compared to this company's 130) and received an average PPP loan of $634,730 (compared to this company's $3.22M).
Similar Nearby Businesses Who Received PPP Funding:
P & Z Electric Corp
Long Island City, NY
Wade Electric Inc
Long Island City, NY
Kobyn Electrical Services Inc
New York, NY
Electronic Interface Associates Inc
Long Island City, NY
Samco Electric Corp
New York, NY
Samco Electric Corp
Long Island City, NY
Appo Electrical Contractors Inc
Long Island City, NY
LED Electrical Contractors Inc
Astoria, NY
Electrosystem Corp
Long Island City, NY
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, 90% lower than EIA Electric, Inc's reported 130 employees, and received an average PPP loan of $159,309, 95% lower than this company's loan of $3.22M.
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.
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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