PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Electro Methods Inc, South Windsor, CT

ALERT: There are 2 PPP loans for a total of $5.67M in our database for businesses with the name "Electro Methods Inc" in South Windsor, CT. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Electro Methods Inc
CT

Electro Methods Inc

Entity: Subchapter S Corporation

Industry: Aircraft Engine and Engine Parts Manufacturing

Location: South Windsor, CT

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Electro Methods Inc is a subchapter s corporation located at 330 Governors Hwy in South Windsor, Connecticut that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in February, 2021.

The company has reported itself as a White male owned business, and employed at least 218 people during the applicable loan loan period.

$ PPP Loan Information Loan #1111198510

Loan Size:

$2M

Jobs Retained:

218

Loan Approved:

2021-02-18

Loan Status:

Ongoing Loan

Lender:

TD Bank, National Association

Electro Methods Inc in South Windsor, CT received a Paycheck Protection Loan of $2M through TD Bank, National Association, which was approved in February, 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 More
Understanding 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 More

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, Electro Methods Inc's 2019 payroll expenses are estimated to be at least $9.6M.

Based on their reported 218 jobs retained, this equals an estimated average yearly compensation of $44,037 per employee1

Reported PPP Proceed Usage:

On the PPP application, Electro Methods Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $2,000,000
Because the loan received by Electro Methods Inc is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Electro Methods Inc in South Windsor, CT

Electro Methods Inc
330 Governors Hwy
South Windsor, CT 6074

Business Industry:
Aircraft Engine and Engine Parts Manufacturing
NAICS code 336412

Business Owner Demographics

Race: White

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Hartford County, CT — SBA Office 0156 — Congressional District: CT-01

Similar Companies near South Windsor

In the South Windsor area, 7 businesses in the "Aircraft Engine and Engine Parts Manufacturing" industry received a PPP loan. These local businesses reported an average of 104 employees (compared to this company's 218) and received an average PPP loan of $1,395,456 (compared to this company's $2M).

Industry PPP Comparison Statistics

Nationwide, 690 businesses in the "Aircraft Engine and Engine Parts Manufacturing" industry received a total of $313,901,405.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.

PPP recipients in this industry report an average of 35 employees, 84% lower than Electro Methods Inc's reported 218 employees, and received an average PPP loan of $454,930, 77% lower than this company's loan of $2M.

SBA PPP loan data, payroll data, and salaries for Electro-Methods Inc
CT

Electro-Methods Inc

Entity: Subchapter S Corporation

Industry: Aircraft Engine and Engine Parts Manufacturing

Location: South Windsor, CT

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Electro-Methods Inc is a subchapter s corporation located at 330 Governors Highway in South Windsor, Connecticut that received a Coronavirus-related PPP loan from the SBA of $3,669,893.00 in April, 2020.

The company has reported itself as a male owned business, and employed at least 252 people during the applicable loan loan period.

$ PPP Loan Information Loan #1641197108

Loan Size:

$3.67M

Jobs Retained:

252

Loan Approved:

2020-04-10

Loan Status:

Ongoing Loan

Lender:

TD Bank, National Association

Electro-Methods Inc in South Windsor, CT received a Paycheck Protection Loan of $3.67M through TD Bank, National Association, 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

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 More
Understanding 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 More

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, Electro-Methods Inc's 2019 payroll expenses are estimated to be at least $17.62M.

Based on their reported 252 jobs retained, this equals an estimated average yearly compensation of $69,903 per employee1

Reported PPP Proceed Usage:

On the PPP application, Electro-Methods Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $3,669,893
Because the loan received by Electro-Methods Inc is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Electro-Methods Inc in South Windsor, CT

Electro-Methods Inc
330 Governors Highway
South Windsor, CT 6074

Business Industry:
Aircraft Engine and Engine Parts Manufacturing
NAICS code 336412

Business Owner Demographics

Race: Unreported

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Hartford County, CT — SBA Office 0156 — Congressional District: CT-01

Similar Companies near South Windsor

In the South Windsor area, 7 businesses in the "Aircraft Engine and Engine Parts Manufacturing" industry received a PPP loan. These local businesses reported an average of 104 employees (compared to this company's 252) and received an average PPP loan of $1,395,456 (compared to this company's $3.67M).

Industry PPP Comparison Statistics

Nationwide, 690 businesses in the "Aircraft Engine and Engine Parts Manufacturing" industry received a total of $313,901,405.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.

PPP recipients in this industry report an average of 35 employees, 86% lower than Electro-Methods Inc's reported 252 employees, and received an average PPP loan of $454,930, 88% lower than this company's loan of $3.67M.

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.

Search FederalPay's Full PPP Loan Database

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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/electro-methods-inc-south-windsor-ct